The Greater Noida Authority is devising a new strategy to make builders pay their pending arrears. Out of 107 defaulting builders, there are 25 who don’t have a third-party intervention. There has been no sale of flats and plots related to these builders. The authority said allotments of these builders will be cancelled.
As a result, list of such projects is being made. Due to non-payment of arrears, the flat buyers are suffering as the registration process has hit a roadblock, Hindustan Times sister website Live Hindustan reported.
There are 197 builder projects under the Greater Noida Authority area. Out of these, 135 projects owe arrears worth nearly ₹14,500 crore. The Authority has issued notices to 107 projects over non-payment of arrears totalling ₹5,600 crore. According to report, the Greater Noida Authority has held meetings with the builders and flat buyers for a middle ground. The Authority has identified the projects which don’t have a third-party intervention, so that timely action can be taken against them.
Facing financial crunch, several builders have also moved National Company Law Tribunal (NCLT). At least 21 builders who have pending arrears worth ₹2,500 crore are in NCLT.
More than one lakh flat buyers are bearing the brunt of non-payment of arrears by the builders. Several buyers have been handed over flats, but registration is yet to be completed. The builders say that the delay in registry of flats is because the Authority has not given them completion certificates because of pending dues.
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