Builders of 30 projects owe Noida Authority Rs 80 bn
ECONOMY & POLICY

Builders of 30 projects owe Noida Authority Rs 80 bn

The Noida Authority reported that developers of approximately 30 commercial projects owe over Rs 80 billion in dues to the authority. It was noted by officials that although some developers had been clearing their dues until 2020, the flow of money to the Authority has nearly halted over the past three years.

Noida Authority CEO Lokesh M conducted a meeting with builders of commercial projects. He inquired about the obstacles hindering the clearance of dues. Approximately eight developers attended the meeting and conveyed issues regarding time extensions and zero periods, among others.

According to officials, five of the 30 builders collectively have liabilities of around Rs 6 billion, while the remaining projects have outstanding amounts averaging around Rs 1 billion each.

It was agreed at the meeting that, starting from this week, developers would be summoned to the Authority offices in groups. This would enable them to explain their specific issues to the concerned officials, aiming to achieve amicable solutions.

An official stated, "The Authority will listen to their problems and attempt to resolve them. Following that, they were instructed to settle their dues."

Officials revealed that a proposal for resolving commercial property issues had been put forward a few months earlier. The commercial department was subsequently tasked with preparing a report. The report exposed negligence on the part of the commercial department, which had failed to establish escrow accounts for the developers. Additionally, no focused action had been taken previously.

However, even this time, Spots City projects, falling under the commercial property category, were not included in the initiative. Officials announced that these projects would also be addressed sequentially in the forthcoming months.

For the execution of this scheme, over 300 hectares of land were allocated at four different locations in the city. Developers were incentivised through the inclusion of residential and commercial land use.

The Noida Authority reported that developers of approximately 30 commercial projects owe over Rs 80 billion in dues to the authority. It was noted by officials that although some developers had been clearing their dues until 2020, the flow of money to the Authority has nearly halted over the past three years. Noida Authority CEO Lokesh M conducted a meeting with builders of commercial projects. He inquired about the obstacles hindering the clearance of dues. Approximately eight developers attended the meeting and conveyed issues regarding time extensions and zero periods, among others. According to officials, five of the 30 builders collectively have liabilities of around Rs 6 billion, while the remaining projects have outstanding amounts averaging around Rs 1 billion each. It was agreed at the meeting that, starting from this week, developers would be summoned to the Authority offices in groups. This would enable them to explain their specific issues to the concerned officials, aiming to achieve amicable solutions. An official stated, The Authority will listen to their problems and attempt to resolve them. Following that, they were instructed to settle their dues. Officials revealed that a proposal for resolving commercial property issues had been put forward a few months earlier. The commercial department was subsequently tasked with preparing a report. The report exposed negligence on the part of the commercial department, which had failed to establish escrow accounts for the developers. Additionally, no focused action had been taken previously. However, even this time, Spots City projects, falling under the commercial property category, were not included in the initiative. Officials announced that these projects would also be addressed sequentially in the forthcoming months. For the execution of this scheme, over 300 hectares of land were allocated at four different locations in the city. Developers were incentivised through the inclusion of residential and commercial land use.

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