YEIDA, to act against 100 erring Greater Noida builders

The Greater Noida and Yamuna Highway Authorities are deliberately taking action against erring builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet payoff the outstanding dues, which amounts to more than Rs 10,000 crore, to both the Regulators.

While a committee was established last week to look into the concerns being faced by the homebuyers and the realty sector; the legal departments of the 2 Regulators were consulted by the committee on Monday to discuss if criminal proceedings can be initiated against more than 100 building contractors in the two areas.

Based on the officials, the four-member is constituted by Meerut commissioner Dr Prabhat Kumar, who also retains charge as the chairperson of Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA), has recently been tasked to learn all options available to retrieve dues from the defaulting developers.

The commissioner further added that they have recently been asked by the panel to also study the parts of the Indian Penal Code under which criminal proceedings can be initiated against this defaulter real estate developers in Noida.  An official also said that the committee is concentrated on sorting out the difficulties being faced by the homebuyers including delayed ownership. The committee is expected to submit the report to Kumar in a week.

A meeting was held to discuss the project settlement policy, which started in October last year to provide some relief to the homebuyers, by Amit Mohan Prasad, CEO of Noida and Greater Noida Regulators on April 24. The goal was to come up with a workable solution to break the impasse between customers and builders in all the three areas of Gautam Budh Nagar. A report of the meeting revealed a possible solution shall be presented to senior officials in Lucknow on April 26.

Meanwhile, a group of homebuyers who have invested residential property in  Noida area's Chi-5 also met Kumar on April 24. According to a homebuyer he has apprised the chairperson of your problems including away devoid of been given ownership of our homes booked way back in 2011. The contractor was going to deliver 700 residential units in August 2015, however, until now only 20% construction has been carried out. Several builders said that they do not have money to complete the project, but what should the 350 people do who are stuck in this situation do?

This move reflects that the coming days will surely bring some good news for the home buyers and market of propertyin Noida.

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