Reviving sick realty projects and handing over flats to home buyers has been a priority for the Yogi government ever since it came to power
In a bid to help developers hand over 'sick' realty projects to buyers, Noida Authority has started meeting members from financial institutions to see if they can help. In this context, on Friday, a meeting with bank representatives' was organised by the Authority.
Post the meeting, Noida Authority's OSD Santosh Kumar said, "Due to poor performance from the developers, many banks are maintaining a distance from helping realty projects in Noida. We have roped in Axis, ICICI and Canera bank among others to provide financial assistance to complete these sick realty projects."
Reviving sick realty projects and handing over flats to home buyers has been a priority for the Yogi government ever since it came to power.
Following the instructions of the government, the Authority first began calling tripartite meetings. These included the Authority, 41 developers, and their home buyers. In the meetings, the developers promised to submit an action plan with the Authority. But a month after the meeting, 24 out of the 41 developers failed to submit the promised action plan as to how and when they would finish the project and render relief to home buyers.
Due to the lack of action, the Yogi government authorised a crack down and the Authority has sent notices to 24 errant developers. The notices have been issued to Ajnara, Logix, Supertech, Omaxe, Unitech, Antriksh, Assotech (Windsor Court), Laureate buildwell, Divine India, Today Homes, SDS Infratech etc.
In the meantime, several developers have looked to exit 'sick' realty projects under the Project Settlement Policy (PSP). PSP policy gives developers an exit route from projects that they are unable to execute.
They require developers to surrender land and can retrieve money from the Authority, minus 15 per cent which was the amount deposited. Then the developer has to settle the dues of all home buyers who have invested in the project and obtain an NOC from them. Once this is done, buyers can look for another project to invest in.
STRICT ACTION
- The Yogi government authorised a crackdown on the builders who have failed to submit the promised action plan on how and when they would finish the project. Authority has sent notices to 24 errant developers
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