The Noida Authority issued a list of 75 developers, and the authority can issue notices against the developers for defaulting on land payments.
NOIDA: The Noida Authority has issued notices to a few developers to clear land dues. And after the notice, it is decided by the authority to hold camps and start the registry of flats.
Several developers are requested to conduct flat registers according to the clearing of dues, which will also be fast-tracked.
Noida Authority Issued Notices to 60 Developers
Last week, the Noida Authority issued notices to 60 developers and gave up a list of 75 developers for defaulting on land payments. Together, these developers in debt the authority Rs 9,000 crore. Among the 60 developers, some are coming up with plans to clear payments. Official said.
The Supreme Court ordered them to have authority to issue the notice. According to the notice, the authority can clear the dues from the builders along with the applicable interest rate on the dues. The interest was according to lease deeds.
Supreme Court Ordered the Developers
On November 7, the Supreme Court ordered the developers to pay the land along with the interest rate of the Authority. The court had recalled its earlier order that fixed the interest rate at 8% during late payments.
It had held thousands of registries of flats or units due to the interest rate impasse. The interest rate on the dues became an issue for the flat registry.
It had now devolved into a dispute between the buyers and the developers, which could lead to protests and marches, particularly on weekends.
CEO of Noida Authority Held A Meeting
On Monday, Ritu Maheshwari, CEO of Noida Authority, held a meeting with officials of the group housing department. The meeting was called to find out the status of the notices issued against the developer.
Ritu Maheshwari had asked the authorities and departments to execute registries by holding camps and lease deeds for 90 years. Several builders had submitted payment plans.
The Noida Authority will issue recovery certificates after November 30 to those builders who have yet to submit payment plans. If the builders did not pay their debts despite the issuance of recovery certificates, the authority had the legal authority to auction or attach their properties. Even the government can cancel the allotment of land to the builders if there is no third-party interest.
During the case of the Amrapali projects, Ritu Maheshwari asked the officials to coordinate with the Supreme Court-appointed court, who is monitoring the completion of flats.
She also asked her team to dispose of the case of builders who are looking for permission to start flat-wise registries by December.
According to the officials, all information regarding the dues or payments and the status of projects would be uploaded on the websites of the authority within a week.
Following the issuance of the notice, approximately 30 builders met with the Noida Authority to discuss their plans to pay the dues. Also, a special officer from the housing department is on duty for the inspection of a project where construction has not started even after a long time.
Some strict action would be taken against such developers, and they might also lose the land allotted to them.
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