Legacy Stalled Projects: 20 of 57 Builders Have Paid 25% Dues, Says Noida Authority
Twenty of the 57 real estate developers working on long-stalled legacy housing projects in Noida have paid 25% of the outstanding balance after being granted an exemption to finish homebuyer registration, the local administration announced on Thursday. The Noida Authority announced that it “will get approximately Rs 450 crore in future from these 20 builders” during a meeting presided over by CEO Lokesh M.
25% of the Rs 83.47 crore total and the Rs 53.68 crore partial sum have been deposited by four builders. Thus, till May 9, 2024, the authority got a total of Rs 224.45 crore, according to a statement from it.
Twenty out of the 57 builders have contributed Rs 170.77 crore, or 25% of the total payment amount computed after exemption, in accordance with the state government directive dated December 12, 2023, to address the issues of legacy blocked real estate projects, according to the authorities.
For a considerable amount of time, the UP government has been advocating for a resolution to the problems faced by homebuyers in accordance with the recommendations made by the Amitabh Kant panel on blocked projects. These suggestions include pending registries and delayed possession of flats. 18 builders have consented to deposit 25% of the total, and some of them in sectors 76, 78, and 168 have promised to deposit, according to the authorities.
