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Noida Authority to seal unsold flats in three projects, issues notice to 12 others

#Builders #Buyers #Delhi NCR Real Estate #Land and Plots #Latest & Greatest #Real Estate News

2 min read • Updated: Sep 06, 2024

In a recent move, the Noida Authority has decided to seal unsold flats and vacant land of three residential projects. This action comes after developers failed to pay the required 25 percent advance on pending dues under the UP government's rehabilitation deal. Read on to discover the residential project names in Noida under scrutiny!

Noida Authority Latest Update

By Shalini SarafResearch Analyst

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Contents

In a significant step to increase builder accountability, Noida Authority has initiated strict action against developers who failed to pay their dues despite being offered a relief package by the UP government. Chief Minister Yogi Adityanath had instructed the development authorities in Gautam Buddh Nagar to take strict measures against non-compliant developers.

Introduced in December 2023, the UP Government's rehabilitation package was aimed at giving several concessions to developers, including a two-year waiver from paying interests and penalties imposed during the pandemic. In return, developers were expected to pay 25 percent of their revised dues within 60 days to become eligible under the scheme. On defaulting, the planned actions against developers include cancelling the defaulter's lease deeds, seizing idle land and taking over unsold inventory.

Know how the Noida Authority has started implementing these actions.

Sealing unsold flats and vacant land

The Noida Authority will seal and auction flats and land by developers who have failed to deposit the mandatory 25 percent of their recalculated dues, after the Covid zero-period relief. So far, three projects have come under the purview of the authority. To recover the dues, the following property/plot has been seized-

List of property/plot seized
Project Name	Location	Property/plot seized
Grand Omaxe	Sector 93B, Noida	9,000 sq m of vacant land
Antriksh Golf View	Sector 78, Noida	27 unsold flats
Matrott (Skytech Constructions)	Sector 76, Noida	5 unsold flats

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Ultimatum for 12 developers

Noida Authority has also issued a one-week ultimatum to developers of 12 other projects who have also failed to pay 25 percent of their dues.

The details of these projects are as follows:

Project Name	Location
Prateek Stylome	Sector 45, Noida
Prateek Laurel	Sector 120, Noida
Sunworld Arista	Sector 168, Noida
Mahagun Moderne	Sector 78, Noida
Paras Tierea	Sector 137, Noida
Eco City (Aims Max Gardenia)
Sunshine Helios	Sector 78, Noida
Antriksh Golf View 2	Sector 78, Noida
AVS Orchid (Perfect Propbuild)
AVS Orchard	Sector 77, Noida
Assotech Windsor Court	Sector 78, Noida
Assotech Celeste Towers	Sector 44, Noida

These 12 projects and the three already mentioned owe Rs 3,093 crore in dues, with 5,505 flats still unregistered. Most of these stalled flats are located in Noida and Greater Noida.

Of the 57 stalled projects eligible for relief:

22 developers have paid 25 percent of their dues, totalling Rs 275 crore.
1,298 flat registrations have been completed, with 1,260 still pending.
29 developers have not applied for the relief package, with collective dues of Rs 6,900 crore and 12,700 flats unregistered.
The dues for six builders have been nullified after they were extended zero-period relief.

Scrutiny of developers and industrialists

The Noida Authority will also scrutinise developers, industrialists, and businessmen who have failed to complete construction on time. This includes builders of commercial and institutional projects, as well as companies with industrial plots. Lokesh M, CEO Noida Authority, has directed officials to include vacant plots in future schemes and to curb unauthorised constructions by securing reclaimed land with boundary walls.

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Requesting EOW (Economic Offences Wing) to audit builders

The Noida Authority is considering filing complaints with the Economic Offences Wing (EOW) against builders for misusing funds intended for project completion. According to Lokesh M, CEO, Noida Authority, they will seek guidance from the Economic Offences Wing (EOW) against the developers yet to avail relief under the UP government's rehabilitation package for stalled residential projects on proceeding with the case. Moreover, they will request the EOW to investigate and conduct a financial audit of the developers to trace how and where they diverted the funds received from homebuyers.

In a nutshell, these stringent steps could encourage developers to clear their dues, complete construction on time, and avoid unauthorised construction. The measures are also expected to aid homebuyers who are struggling with stalled projects and delayed handovers, thereby, uplifting the real estate sector further. Stay tuned for more details about Noida Authority's actions and announcements here!

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