NOIDA: Realtors have time till February 22 to give their consent to UP govt’s rehabilitation package, after which it will be assumed that they don’t agree with the conditions and will need to pay their entire dues, the Noida Authority said in its “final” notice to 27 developers.
The notice was issued on Monday. “If developers do not reply or agree to the government’s package, it will be assumed that they do not want to become part of the rehabilitation package,” said authority CEO Lokesh M.
He said the developers that don’t “take up the scheme will be dealt with according to the authority’s rules and regulations”.
“They will have to pay the entire dues, and actions like issuing recovery certificates and sealing of their properties will be taken up. Occupation certificates (OC) and completion certificates (CC) won’t be issued to them,” the CEO said.
Till now, 20 developers — such as IITL Nimbus (Hyde Park, Sector 78), Capital Infraprojects (The Golden Palm, Sector 168), Divine India Infrastructure (Divine Meadows, Sector 108), HR Oracle (Elite Homz, Sector 77), Aims RG Angel (Eco City, Sector 75), Sunshine Infrawel (Helios, Sector 78), and Gulshan Homes (Ikebana, Sector 143) — have given their consent and are ready to clear 25% of the revised dues.
The revised dues were calculated after deducting interest and penal interest accrued in the two years from April 2020 to March 2022 due to the Covid-19 pandemic, according to the rehabilitation package.
Most of these developers owe less than Rs 100 crore to the Authority. Opting for the plan has facilitated registries of 2,500 flats in the city.
Altogether, around 32,000 flats are affected in 57 defaulter projects that owe the Noida Authority Rs 8,000 crore.
UP govt, on December 21, 2023, issued guidelines to revive stalled projects by offering concessions, including a “zero period” to waive off specific dues during the pandemic.
A developer told TOI that the company would opt for the package if the Authority extended the ‘zero period’ benefit for another two years – 2013 to 2015 – due to the construction ban within 10km of the Okhla Bird Sanctuary.
“Our dues would substantially decrease. We would then be in a position to avail the benefits of the rehabilitation package. We will give representation to the Authority, urging it to consider this request,” the official said.
Around 17 developers could benefit from the zero period, proposed in UP govt’s plan, but the Noida Authority had decided to grant this only after developers give their consent and pay 25% of their dues within 60 days.
