25% Dues Paid by Builders Involved in Stalled Projects Says Noida Authority

As per the statement by Noida Authority, out of 57 real estate developers, only 20 have paid 25% of dues. This took place after the announcement of a registry completion of homebuyers. These developers were associated with stalled legacy housing projects. 25% Dues Paid by Builders Involved in Stalled Projects Says Noida Authority.

25% Dues Paid by Builders Involved in Stalled Projects

Some of them haven’t paid the dues but have promised to do the same in the coming weeks. Let’s see what the Noida Authority has to say on the same!

Statements by Noida Authority

Discussions in the meeting hosted by its CEO Lokesh M took place. After this, the authority shared they are expecting the collection of almost Rs 450 crores in the coming years from these 20 builders.

Upon being asked about the collection, the authority shared that 4 builders have deposited Rs 53.47 crore which stands as 25 percent of the total amount. And in total, the authority has collected Rs 224.45 crore till May 9 this year.

What About Pending Dues?

Well, pending dues and registries are creating a situation of panic in Noida and Greater Noida for a long time. The government of UP is also pushing home buyers to go for registration after the recommendation of the Amitabh Kant Panel.

The builders who have agreed to deposit the due have assured that it will be done in the coming days. Out of them, some belong to sectors like 76, 78, and 168. The authority added that 200 registries are expected by them in the coming days.

Series of Meetings

Noida Authority clarified that they are planning to expedite the pending registries as well. Credai functions under the Industrial Development Ministry of the UP government. It was represented by Geeta Anand, President Amit Jain, and Secretary Dinesh Gupta during the meeting.

In continuation of this meeting, another registry review meeting also took place at the Greater Noida Authority. The meeting was led by its CEO, NG Ravi Kumar in association with other representatives and developers of 97 projects.

Therefore, some more actions on registries are expected with some new changes in the rules. Let’s see what’s new is on the way for us!

Conclusion

All in all, the remaining developers are expected to deposit their dues on time. This needs to be done on time because the Noida authority is also under pressure. It will be interesting to witness the collection of the total amount of dues in the coming days.

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