Greater Noida Authority Warns 21 Realtors Pay Dues or Lose Allotments

GREATER NOIDA: The Greater Noida Authority has issued a final ultimatum to 21 realtors out of a total of 97, demanding immediate payment of outstanding dues under the stalled legacy housing project policy.

The authority has warned that failure to comply will result in the cancellation of allotments and the attachment of assets.

The Uttar Pradesh government had approved this policy on December 21, 2023, aiming to address issues in stalled housing projects. Under this policy, realtors were granted interest waivers for the two years affected by the Covid-19 pandemic. Additionally, they were required to pay 25% of their land cost dues within 60 days and the remaining 75% over the subsequent three years.

However, officials reported on Monday that only a few realtors have availed themselves of the scheme. The authority has a significant amount of revenue, approximately ₹8,000 crore, pending recovery from these defaulters.

In the notices issued last week, the Greater Noida Authority explicitly stated that non-compliance would result in the cancellation of allotments and the attachment of assets. An official from the authority confirmed, “We are conducting a site survey of each of these 21 housing project sites to assess the current state of each project. This survey, which will be completed by Wednesday, will help us determine the amount of unsold land and inventory remaining in these projects. Following the survey, we will initiate the process of asset attachment.”

The authority has emphasised that the attachment drive will not affect the apartment buyers in these 21 stalled housing projects. The primary focus will be on unsold properties and assets belonging to the defaulting developers. “We are likely to start the attachment drive after Wednesday as directed by the state government. However, the apartments of the homebuyers will remain untouched to ensure they are not impacted by this action. The ongoing site survey is crucial to safeguarding the interests of apartment buyers,” added the official.

Despite multiple meetings held with the authority officials since the announcement of the policy on December 21, 2023, these 21 realtors have consistently failed to engage or comply with the directives.

The Greater Noida Authority’s firm stance underscores the critical need for realtors to adhere to the stipulated policy measures to avoid severe consequences. This development also highlights the authority’s commitment to resolving issues in stalled housing projects while protecting the interests of homebuyers.