The Noida Authority has formally declared intentions to seal unsold residential units. And unutilized land across three specific real estate developments, namely “Grand Omaxe in Sector 93B. Antriksh Golf View in Sector 78, and Matrott in Sector 76,” owing to outstanding financial obligations. Notwithstanding the relief initiative proffered under the Uttar Pradesh government’s scheme. This relief initiative was instituted in accordance with the recommendations proposed by the Amitabh Kant committee.
The developers associated with these projects have not fulfilled. The requirement to remit 25% of their recalibrated financial obligations subsequent to the Covid “zero-period” adjustment. Within the Omaxe development, 9,000 square meters of unoccupied land is slated for sealing. Whereas Antriksh Golf View contains 27 unsold residential units. Alongside Matrott which possesses five unsold units. All of which will be sealed and subsequently auctioned to recoup the outstanding financial amounts.
The Noida Authority has furthermore issued a one-week deadline to the developers of an additional 12 projects who similarly have not complied with their financial obligations. The authority is contemplating the initiation of complaints with the Economic Offences Wing (EOW) against certain developers for purportedly misappropriating funds received from homebuyers. The aggregate recalibrated financial obligations for all impacted projects total Rs 3,093 crore, with 5,505 residential units remaining unregistered.
Noida Authority CEO..
Lokesh M, the Chief Executive Officer of the Noida Authority. Articulated that a more assertive approach is being adopted. With sealing actions already in progress for projects characterized by unsold inventory and unutilized land, while other non-compliant developers have been allotted a week to provide a response.
Among the 57 stalled projects eligible for relief under the December 2023 governmental directive. The developers of 22 have remitted 25% of their financial obligations. Amounting to Rs 2.75 billion. Furthermore, 2,558 purchasers of flats have been granted authorization for registry, with 1,298 completions recorded to date. Nonetheless, 29 projects have yet to submit an application for the rehabilitation package, resulting in cumulative dues of Rs 69 billion and approximately 12,700 flats remaining unregistered.
The relief package is designed to rejuvenate 240,000 stalled flats within Noida and Greater Noida by providing a two-year exemption from penalties and interest accrued during the pandemic, alongside a structured repayment timeline for outstanding dues. Developers impacted by the construction prohibition imposed by the National Green Tribunal near the Okhla Bird Sanctuary are also eligible for the “zero-period” exemption applicable from August 2013 to June 2015.
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