NOIDA: Noida Authority CEO Lokesh M on Saturday appointed AK Singh, assistant general manager (group housing), as nodal officer for legacy housing projects that are stalled.
The move followed a visit by a delegation from the Confederation of Real Estate Developers Associations of India (Credai) to discuss problems the developers are facing. Very few builders in Noida have come forward to apply for the govt’s rehabilitation package for stalled projects that was announced in Dec last year, based on recommendations of the Amitabh Kant committee on stalled projects. The response in Greater Noida is relatively better. The two cities have more than 2 lakh incomplete or unregistered flats.
Lokesh M has also directed the nodal officer to make a Credai grievance redressal register. “There are some group housing projects and some IT and ITES projects that have agreed for resettlement under the package. Some of the developers may need clarity on time extension, lease rent, payment process, mortgages, etc. We are yet to receive any application from them in writing,” Singh told TOI on Saturday.
He added that once things formalise, Noida Authority will hold another meeting with developers and officials of the district stamp and registration department.
Special camps will be organised for the registration of such properties. “We are also planning to organise such a camp in the sector where the property is located in the first week of March. The date is tentative,” he said.
Amit Jain, president of Credai (west UP), told TOI that nearly 33 developers in Noida have so far accepted the govt deal, under which they will be offered a two-year zero-period waiver on interests and fines during Covid. “As per the terms and conditions, these developers will have to pay 25% of their recalculated dues upfront in two months – by April 15. The Noida CEO himself will keep a close watch on developments,” he said.
Pankaj Goel, a Credai member and director of Express Builders, said developers need clarity on time-extension charges. “Noida Authority charges fines for a delay in project completion. For example, if a developer gets four towers completed out of six, the authority issues late fines for all six towers. Authority officials agreed to address this,” he said.
He added that registry of projects, in which the developers have paid 25%, is likely to start by next week.
