GREATER NOIDA: The Greater Noida authority in its board meeting held on Saturday approved a decision that gives nod to strict action against 13 builders for failing to execute registries or clear dues despite repeated extensions under the state’s policy for stalled projects.
Officials, however, have been told to ensure buyers’ interests are protected.
“The authority board has decided to take strict action against those developers, who have not taken measures as per the UP government’s December 21, 2023 scheme meant for the stalled housing projects. The board has allowed the Authority to take harsh action against the developers, who fail to use the provisions of this scheme and deliver relief to the homebuyers,” said Greater Noida authority’s chief executive officer Ravi Kumar NG.
“All the benefits received from the recommendations of the state government scheme for stalled housing projects will be withdrawn from a dozen builders… The concession received from the recommendations of the state scheme will be withdrawn from a dozen such builders,” said CEO.
“Also, the board took a decision in favour of the homebuyers, who can now execute registries in the co-operative housing societies,” he added.
Greater Noida authority board chairman Deepak Kumar said giving more time to the builders who have neither started the registry in the names of buyers nor deposited the outstanding amount of the Authority, is of no use. He has thus directed to take strict action against such builders.
“There are a dozen such builders, which include AVJ Developers Sector Beta Two, MSX Realtek Sector Alpha One, Jyotirmay Infracon Sector-16C, Space Engineering Sector-1, Elegant Infracon Sector Techzone-4 etc,” said a Greater Noida spokesperson.
“So far 85 of the 98 builder projects have benefited from the policy package brought to solve the bottlenecks in legacy real estate projects based on government scheme’s recommendations. By completing these projects, the way has been cleared to provide homes to buyers and the names of about 18,000 flat buyers have been registered by taking the benefit of the policy. The remaining 13 builders have not made any effort towards registering the names of the buyers. Now the board has given approval to take action against such builders only,” said a Greater Noida spokesperson.
The developers were unavailable for a comment on the matter.
The authority board has also brought major relief to the homebuyers, living in co-operative housing societies without registries. “The homebuyers can now execute registries in the co-operative housing societies,” said Greater Noida authority’s CEO.
In a major relief for cooperative housing society residents, the board approved a decision allowing registries for “subsequent members” who bought units through power of attorney but never received legal ownership due to incomplete projects or non-execution of the registry that is a process to transfer the property title.
The Authority also approved a ready-flat scheme in Omicron I locality via e-auction, said officials.
“The board decision has paved the way for the subsequent members of these housing societies to also get ownership rights on the property,” said authority spokesperson.
The homebuyers are selling these properties on power of attorney. If a property has been sold more than once on the basis of power of attorney, but due to lack of registration, they are not able to get the ownership rights and due to this, their market price is also lower as compared to other properties, said officials.
The buyers of these properties were upset and have been pleading with the authority for registration.
CEO Ravi Kumar NG proposed an agenda before the Board regarding this matter. The Board discussed the agenda and approved the proposal of the authority CEO.