Noida-Greater Noida Builders Clear Dues To Revive Stalled Housing Projects Under UP Government’s Relief Package

Nearly three months after the Uttar Pradesh government implemented its relief package following the Amitabh Kant committee's recommendations for stalled housing projects, a total of nine builders in Greater Noida Authority have so far paid the dues required to initiate the process of registration of flats, reports The Indian Express.

As per the arrangement, the registration of stalled flats can commence upon the builder's payment of 25 per cent of outstanding land dues, after accounting for the relief provided during the zero-period.

Around 96 builders and 68,000 flats were included in the package, of which 75 builders consented, and nine paid the required amount. This means that the registration of a total of 10,283 flats in 17 housing projects will begin soon.

As per the IE report, the data indicates that 66 projects, owing Rs 2,635 crore, have submitted consent letters, but are yet to pay Rs 598 crore. If these builders settle the dues, it will enable the registry of 14,495 flats.

In March 2023, the union government formed a panel led by Amitabh Kant to address stalled housing projects.

The committee submitted its report in August 2023, which was then forwarded to states. On 19 December 2023, the Uttar Pradesh government endorsed the panel's recommendations.

The package includes waivers on penal interest due to COVID-19 disruptions between 1 April 2020, and 31 March 2022, and construction interruptions following court orders.

Officials state that developers owe approximately Rs 44,700 crore to authorities in Gautam Budh Nagar, Rs 26,000 crore to the Noida Authority, and about Rs 14,000 crore to the Greater Noida Authority. Additionally, dues for the Yamuna Expressway Industrial Development Authority (YEIDA) amount to Rs 4,700 crore.

Similarly, the Noida Authority is preparing the registration of over 13,000 flats spread across various stalled projects as 35 real estate developers have committed to settling their outstanding dues.

Officials report that out of 57 developers, 35 have agreed to make the initial payment of their revised dues after factoring in the benefits of the rehabilitation package.

The region currently has nearly 2.4 lakh stressed housing units, with around 1.2 lakh flats still awaiting delivery. While possession has been granted for the remaining 1.2 lakh units, registries are pending.

Also read: CM Yogi Steps In: Can Noida's Long-Stalled Projects Finally Find Resolution?