Home buyers had demanded that the names of the builders be uploaded on Noida Authority's website for five years in order to ensure that potential buyers make informed choices while purchasing flats.
Noida Authority defaulters list: Confederation of Real Estate Developers Associations of India (CREDAI) has reacted after the names of 72 defaulters were named by the Noida Authority on their website. The authority uploaded the names of the defaulting builders along with the project in response to the demands of home buyers on Friday. Home buyers had demanded that the names of the builders be uploaded on Noida Authority’s website for five years in order to ensure that potential buyers make informed choices while purchasing flats.
CREDAI has said that they are unable to pay the dues as they have applied for a zero period and the matter is under litigation. The government hasn’t approved the zero period till now. Builders demand that they should not be charged interest accrued in the period when construction had stopped due to an NGT order in 2015.
65 builders have launched 91 projects in Noida out of which 72 projects have defaulted. The Noida Authority has listed project-wise details of land dues payable by the builders on its website. An official told Indian Express that, ”Rs 9,993 crore in land dues are owed by these builders to the Noida Authority. This also includes interest levied on the builders as they have failed to pay their installments.”
President of CREDAI’s NCR chapter, Manoj Gaur told The Indian Express that builders within CREDAI have already applied to the Noida Authority for the zero period. Gaur added that the government is yet to agree to the respite. Gaur said that, ”Some builders have applied to the authority for the zero period. If the zero period is approved then the dues will drop considerably.”