NOIDA: The Noida and Greater Noida Authorities will meet defaulting builders of stalled projects this week to apprise them of recalculated dues and draw up a payment schedule before the industrial development commissioner (IDC).
This comes days after the UP government issued guidelines for the rehabilitation of stalled projects based on the recommendations of a panel led by former Niti Aayog CEO Amitabh Kant.
The Noida Authority has 57 stalled projects under it, and the builders owe over Rs 8,000 crore. The Greater Noida Authority has 96 stalled projects under it, and the builders owe Rs 5,500 crore.
Officials said that according to the rehabilitation package, the authorities would have to forego over 20%of the total dues (Rs 2,700 crore).
If the builders accept the rehabilitation package, over one lakh homebuyers — 32,000 are in the Noida projects and 68,000 in the Greater Noida projects — will soon get ownership rights.
The Noida Authority has called the meeting on Friday. CEO Lokesh M said, “We have hired an independent CA (chartered accountant) to recalculate the dues. The Authority will meet the developers of all 57 projects on January 5 to inform them of their recalculated dues. The recalculated dues will factor in a waiver of penalties and interests from April 2020 to March 2022 granted under the Covid zero period and from August 2013 to June 2015 under the zero period arising due to the NGT construction ban within a 10km radius of the Okhla Bird Sanctuary. While all projects will benefit from the Covid zero period, only 20-22 projects will get relief from the NGT ban zero period.”
The builders will also present their calculations. Noida officials said on January 6, the Authority will ask the builders interested in the rehabilitation package to sign a deal in the presence of the IDC and Noida Authority chairman Manoj Kumar Singh. Subsequently, the matter will go before the board for final approval. Then, developers would have to pay 25% of the dues within 60 days and obtain no-objection certificates to start work on stalled projects. Next, homebuyers who have flats in these projects would get ownership rights. Builders will have to clear the remaining dues within three years — up to Rs 100 crore within one year, up to Rs 500 crore in two years or more than that in three years.The Greater Noida Industrial Development Authority will hold the meeting with developers on January 6.
Officer on special duty (OSD) Saumya Srivastava said of 96 builders, 45 have submitted reports on the dues they have paid so far and the remaining balance. “This is being tallied by two CAs — one departmental and one independent. The Authority has directed them to submit separate reports to weed out calculation anomalies. Altogether, as many as six teams are working on this,” he said.
GNIDA CEO Ravi Kumar NG said, “We plan to call an internal meeting of developers on January 6 and then have a meeting in the presence of the IDC the next day (January 7).”
Credai NCR president Manoj Gaur said developers are in touch with the authorities and completing all the formalities related to the dues. “Developers are keen on reaching a deal and ending the long-pending builder-buyer issues, besides clearing the dues,” he said.
