Noida authorities train the sights on defaulting developers

The Chief Minister is also learnt to have told the builders to fulfil the promises made by them or be ready to face the music, directing them to deliver the home to their buyers as soon as possible.

Published: 18th June 2019 01:57 PM  |   Last Updated: 18th June 2019 01:57 PM   |  A+A-

Real estate

For representational purposes (File | EPS)

By Express News Service

After getting the go ahead from Uttar Pradesh Chief Minister Yogi Adityanath, the Noida, Greater Noida and Yamuna Expressway development authorities are preparing a list of defaulting developers to initiate strict action against them. The state’s CM on Friday held a meeting with all the three authorities’ officials during a visit to Gautam Buddh Nagar to review their situation and performance. 

“The CM has expressed concern over the increasing incidents of cheating and frauds involving builders. He has asked us to prepare a report in this regard and submit it to him by the end of this month,” a senior official from the Noida Authority told this publication.Apart from that, around 20 big defaulter-builders were also present in the meeting, all of whom have been asked to clear their debts and complete their projects.

The Chief Minister is also learnt to have told the builders to fulfil the promises made by them or be ready to face the music, directing them to deliver the home to their buyers as soon as possible.“He has given a final warning to the builders who have either fooled or are unable to fulfil their promises to the buyers, or haven’t cleared their debts... If the builders fail to do so, they would have to face action. The three authorities will keep a check on the work,” the official said.

Noida and Greater Noida have become hotspots of buyer dissatisfaction with over 94 residential projects stuck in limbo for the past 8 years.So far, over one lakh homebuyers in the region have been duped by various builders like Amrapali, Unitech, Jaypee, 3C, Ansals API, etc. In NCR alone, 46,000 buyers who bought flats in Amrapali projects had paid more than `11,000 crore to the group, 17,000 homebuyers in 74 housing projects of Unitech have paid more than `14,000 crore and 32,000 homebuyers had paid up `14,000 crore for Jaypee Infratech projects.

Noida, Greater Noida hotspots of distress 
Noida and Greater Noida have become hotspots of buyer dissatisfaction with over 94 residential projects stuck in limbo for the past 8 years. So far, over one lakh homebuyers in the region have been duped
For instance, in NCR alone, 46,000 buyers who bought flats in Amrapali projects have paid up more than Rs 11,000 crore cumulatively to the bankrupt group

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