In a bid to achieve the target of delivering 16,000 flats to buyers in three months, the Noida Authority has decided to reintroduce its reschedulement policy till November to provide a window for the builders of group housing projects who are yet to pay outstanding dues.
The reshedulement policy was introduced last year, but it had lapsed in December 2016.
The realtor is provided with a rescheduled payment policy for dues against the land cost if a builder has completed a project but is unable to get a completion certificate. Further, in cases where buyers are unable to register their properties, builders will have to deposit 10% of the amount due instead of the current 25%.
“In order to ensure fast possession of flats, we have decided to re-introduce reschedulement policy so that the builders can pay part of their dues and get the no dues certificate (NDC). After getting the NDC, the builder can get the occupancy certificate required to give start giving possession,” a senior official with the authority said.
Last month, Uttar Pradesh chief minister Yogi Adityanath had instructed the Noida and Greater Noida authorities to ensure that as many as 50,000 homebuyers in the two cities get their flats in the next three months. Adityanath’s instructions came in response to the long-standing demand by homebuyers who have been waiting to get possession of their flats for the past three to seven years. Majority homebuyers have even paid the flat cost in full but the builders have failed to finish their housing projects.
The flats are almost ready but the projects have not received completion certificate from the respective authority because there are dues pending on these builders, the official said.
A total of around Rs 25,000 crore of the Noida Authority is pending with the builders of all the projects, out of which `11,000 crore pertain to the housing projects which will give possession to buyers.
The authority has sought that those builders who have over `500 crore remaining as outstanding dues should pay 10% of the amount after which they will be given a no dues certificate and occupancy certificates. Similarly, those who have less than `500 crore to be paid should pay 15% of the total amount to get the documents. When the remaining amount needs to be submitted by the builders and in how many instalments will subsequently be decided, the official added.
By Surbhi Prasad