A white paper published on November 26 states that 1.65 lakh flats valued at a total of Rs 1.18 lakh crore, or 35 per cent of India’s stalled residential projects, are located in Noida and Greater Noida, Uttar Pradesh. Furthermore, according to a white paper released by the private organization Namo Seva Kendra and the citizens’ forum Noida Dialogue, at least one lakh people are still waiting to register their apartments, while approximately 60,000 others have not received their flats despite receiving notice of possession.
The ‘White Paper on Homebuyers Issues in Gautam Buddh Nagar (Uttar Pradesh)’ was launched on Sunday by BJP national vice president Gopal Krishna Agarwal in front of a large gathering of irate investors in Greater Noida West. He urged the settlement of homeowners’ long-standing problems and emphasized that both the federal government and the state of Uttar Pradesh would take the necessary action, as outlined in the white paper.
Since 2011, the Gautam Buddh Nagar district has seen the opening of over 850 residential developments, of which about 90% are under the jurisdiction of the Yamuna Expressway Development Authority, Greater Noida Authority, and Noida Authority (UP RERA annual report, 2020). According to a white paper by property consultant Anarock, Noida is the city with the highest percentage of blocked projects in the nation (35% of all postponed residential projects are in the Noida-Greater Noida region). According to their data, there are still over 1.65 lakh unfinished projects with a total estimated value of Rs 1.18 lakh crore. According to our examination of the RERA report for Uttar Pradesh, more than 50% such projects are stalled for more than three years over the proposed completion time. As many as 27,992 complaints from homebuyers have been registered on the UP RERA portal, recording the highest in the country as of 2020, it added.
The white paper went on to state that, according to the research, at least one lakh people are still waiting to register their apartments, and approximately 60,000 others have not received their flats despite the passage of time from the date of possession. It was mentioned that these buyers are currently paying high rent for the properties they currently reside in in addition to continuing to pay the interest on their unfinished apartments.
