Thirty-five real estate developers have stepped forward to pay their debts under the Uttar Pradesh government’s stalled projects rehabilitation plan, and Noida Authority is about to permit the registration of over 13,000 units across several stuck projects.
35 of the 57 developers, according to officials, have committed to pay the first 25% of their overall obligations, which were recalculated once the rehabilitation package benefits were applied.
The interest of the homebuyers is the Authority’s first concern. In order to convince the developers of stalled projects to make the necessary payments so that registrations may be started, we have been having meetings with them. Currently, over 35 builders have agreed in writing to settle the outstanding balance. The Authority will execute flat registries after the twenty-five percent dues are paid. Homebuyers will have some relief from this, a top official told Moneycontrol, wanting to remain anonymous.
