Noida Authority puts up warning display boards in defaulter builder housing complexes

In order to recover land cost dues from defaulter realtors, Noida authority has started installing display boards with warning notices inside the housing societies, said authority officials on Wednesday, adding that this is the final step before attaching or seizing the properties of realtors.

The authority on Tuesday and Wednesday installed the display boards in a dozen housing societies, including Skytech Matrott in Sector 76. (Sunil Ghosh/HT Photo)

Also Read: Noida authority to act against 12 realtors for not paying dues

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Unless a realtor clears the dues, the authority will not give permission for registries of apartments in the name of homebuyers, who have been suffering for the past many years, in some cases for more than a decade, said officials.

The authority on Tuesday and Wednesday installed the display boards in a dozen housing societies, including Grand Omaxe in Sector 93B, Prateek Wisteria in Sector 77, Aims Max Gardenia’s Glory in Sector 46, Skytech in Sector 76, MPG Realty in Sector 137 and Colorful Estate in Sector 78, among others.

Also Read: Noida directs 42 real estate developers to clear dues; obtain permission for executing registry

The board stated that the realtor of this housing project has dues and due to non-payment, the authority hereby stops all activities or issuance of no objection certificates.

“The authority can cancel the allotment of partial land of this housing project. Along with this, the authority can also attach the apartments, which are unsold,” the display board further stated.

These display boards have left the apartment owners worried about their fate. In Prateek Wisteria in Sector 77, the authority had to remove the display board on Wednesday after residents raised objections.

Also Read: Noida and Greater Noida flat registries: 5 things homebuyers should know

“Such display boards must be placed outside the defaulter builder’s house and office so that they understand the importance of paying dues. The Noida authority is not taking any serious steps against developers, and just doing an eyewash by placing such boards in societies,” said Amit Gupta, former president of Prateek Wisteria’s apartment owners association.

The UP government had on December 21, 2023, approved a policy for stalled legacy housing projects. Under the policy, a realtor was offered interest waivers for two years of Covid-19, and told to pay 25% of the land cost dues in 60 days, and the remaining 75% over the next three years. However, very few realtors have come forward to avail of the scheme, said officials. The authority has to recover a revenue of around 14,000 crore from these realtors.

“The realtors must use this scheme because this is a good opportunity to get rebates and resolve the registry issue thereby benefiting homebuyers. If realtors use this scheme, then their projects will be delivered. The Noida authority should cancel the allotment of defaulters so that a new developer can come and deliver the project,” said Dinesh Gupta, secretary of Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ lobbying group.

Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

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