Builders of 52 projects say yes to rehab deal

January 8, 2024
1 min read
builders of 52 projects in greater noida say yes to rehab deal time to pay 25 dues

NOIDA: Developers of 52 stalled projects in Greater Noida gave their in-principle nod to their recalculated dues at a meeting with UP industrial development commissioner (IDC) Manoj Kumar Singh on Sunday.

Any discrepancies, said the IDC, should be resolved within two days.

This comes a day after the Greater Noida Industrial Development Authority (GNIDA) informed the developers of the recalculated dues after factoring in rebates for a two-year zero period from April 1, 2020, to March 31, 2022, arising due to the Covid pandemic.

Saumya Srivastava, GNIDA officer on special duty in the group housing department, said, “The developers of 52 projects are ready to promptly pay 25% of their recalculated dues to access the benefits of the rehabilitation package.”

After that, homebuyers living in the flats in these projects without registries will get ownership rights of their homes. The developers have to pay the remaining dues over the next few years.

In Greater Noida, developers of 96 projects collectively owed the Authority Rs 5,500 crore. While 52 are ready to sign the rehabilitation package, the remaining 44 have been absent from the Saturday and Sunday meetings.

The absent builders have an additional week to decide whether they agree with the recalculated dues and opt in for the rehabilitation package.

Last month, the government issued guidelines on a rehabilitation package for expediting work on the stalled projects based on the recommendations of a panel led by former Niti Aayog CEO Amitabh Kant.

According to the guidelines, independent chartered accountants hired by the Greater Noida Authority recalculated the developers’ dues after waiving off penalties and interests accumulated during the Covid zero period.

  • Published On Jan 8, 2024 at 08:53 AM IST

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