Developers of over 20 group housing projects have not paid dues.
The developers have been warned that if they do not pay the outstanding amount by this month, the unsold flats in their societies will be seized.
The Noida Authority has caused a stir among many prominent builders in the area. House owners are also increasingly concerned. The Authority has taken a stricter stance on outstanding payments. Last December, the UP government announced a policy allowing builders to reschedule their outstanding payments. However, despite a final notice issued recently, many builders have not paid their land cost dues.
Now, the Noida Authority has started putting notices on the properties of these builders. The developers have been warned that if they do not pay the outstanding amount by this month, the unsold flats in their societies will be seized.
According to a report by the Times of India, Noida Authority CEO Lokesh M stated that over 20 group housing projects have developers who have not paid their dues. “Some developers had initially agreed to the relief package and recalculated dues but are yet to pay the first instalment of 25 per cent,” he said.
The relief package, launched in December 2023, required builders to pay 25 per cent of the revised outstanding amount within 60 days. The remaining 75 per cent could be paid in instalments over one to three years. The government waived interest and penalties in this package. As the builders did not show interest, the Authority has put up notices in more than 10 societies. So far, 20 builders have received these notices.
Notices have been put up in societies such as Ajnara Daffodils in Sector 137, Antriksh Golf View 2 in Sector 78, Grand Omaxe in Sector 93B, and Pratik Wisteria in Sector 77. This has raised concerns among home buyers. They worry that they will not be able to resell their flats.
The notices inform home buyers about the total dues of a project. They state, “The developer has not yet paid the dues to the Authority.” Because of this, the Authority has halted all proceedings and permissions related to the project. The Noida Authority also warns that it can cancel the allotment and lease documents of the unsold parts of the project at any time. It can also confiscate the unsold flats.
The situation is tense, and many are anxiously waiting to see if the builders will clear their dues to avoid these drastic measures.