Noida authorities seek builder cooperation for recalculated dues

08 Jan 2024 CW Team

The Noida Authority oversees 57 stalled projects, with builders owing over Rs 80 billion, while the Greater Noida Authority manages 96 stalled projects, with builders owing Rs 55 billion. As part of the rehabilitation package, authorities may need to waive over 20% of the total dues, amounting to Rs 27 billion.

Under the proposed rehabilitation package, if builders accept, more than one lakh homebuyers (32,000 in Noida projects and 68,000 in Greater Noida projects) could soon gain ownership rights. The Noida Authority has scheduled a meeting on Friday, during which an independent chartered accountant will present recalculated dues to developers of all 57 projects. The recalculated dues consider waivers of penalties and interests granted under the Covid zero period (April 2020 to March 2022) and the NGT construction ban zero period (August 2013 to June 2015 within a 10 km radius of the Okhla Bird Sanctuary).

On January 6, builders will present their calculations, and those interested in the rehabilitation package will be invited to sign a deal in the presence of the IDC and Noida Authority chairman Manoj Kumar Singh. The matter will then proceed to the board for final approval. Developers would be required to pay 25% of the dues within 60 days, obtain no-objection certificates, and commence work on stalled projects. The remaining dues must be cleared within three years, with specific milestones for payments.

The Greater Noida Industrial Development Authority plans to hold a meeting with developers on January 6. Of the 96 builders, 45 have submitted reports on paid dues, and the remaining balance is being tallied by two chartered accountants. Six teams are actively working on this process.

GNIDA CEO Ravi Kumar NG stated plans for an internal meeting with developers on January 6, followed by a meeting with the IDC on January 7. Credai NCR president Manoj Gaur emphasised that developers are in contact with authorities, completing formalities related to dues, and are eager to reach a resolution to address longstanding builder-buyer issues.

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This week, the Noida and Greater Noida Authorities are scheduled to meet with builders facing defaults in stalled projects to discuss recalculated dues and formulate a payment schedule before the industrial development commissioner (IDC). This initiative follows the recent issuance of guidelines by the Uttar Pradesh government for the rehabilitation of stalled projects, based on recommendations from a panel led by former Niti Aayog CEO Amitabh Kant. The Noida Authority oversees 57 stalled projects, with builders owing over Rs 80 billion, while the Greater Noida Authority manages 96 stalled projects, with builders owing Rs 55 billion. As part of the rehabilitation package, authorities may need to waive over 20% of the total dues, amounting to Rs 27 billion. Under the proposed rehabilitation package, if builders accept, more than one lakh homebuyers (32,000 in Noida projects and 68,000 in Greater Noida projects) could soon gain ownership rights. The Noida Authority has scheduled a meeting on Friday, during which an independent chartered accountant will present recalculated dues to developers of all 57 projects. The recalculated dues consider waivers of penalties and interests granted under the Covid zero period (April 2020 to March 2022) and the NGT construction ban zero period (August 2013 to June 2015 within a 10 km radius of the Okhla Bird Sanctuary). On January 6, builders will present their calculations, and those interested in the rehabilitation package will be invited to sign a deal in the presence of the IDC and Noida Authority chairman Manoj Kumar Singh. The matter will then proceed to the board for final approval. Developers would be required to pay 25% of the dues within 60 days, obtain no-objection certificates, and commence work on stalled projects. The remaining dues must be cleared within three years, with specific milestones for payments. The Greater Noida Industrial Development Authority plans to hold a meeting with developers on January 6. Of the 96 builders, 45 have submitted reports on paid dues, and the remaining balance is being tallied by two chartered accountants. Six teams are actively working on this process. GNIDA CEO Ravi Kumar NG stated plans for an internal meeting with developers on January 6, followed by a meeting with the IDC on January 7. Credai NCR president Manoj Gaur emphasised that developers are in contact with authorities, completing formalities related to dues, and are eager to reach a resolution to address longstanding builder-buyer issues.

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