Nearly a fortnight after the announcement of a policy for rescheduling payment of dues owed by builders, only two developers have so far applied for the scheme in Noida Authority even as the Authority CEO Ritu Maheshwari directed officials to initiate stricter actions such as cancelling the allotment of plots against defaulter builders, officials said.
Directions have also been issued to expedite the process of execution of registration of flats in Amrapali group societies and also of those builders who have been permitted flat wise registries.
Matters pertaining to Amrapali group are being heard by the Supreme Court.
According to Authority officials, only two builders have applied for the re-schedulement policy and deposited the requisite initial amount. In a meeting, Maheshwari directed officials to apprise other defaulter builders about the policy and take necessary actions accordingly.
At their respective board meetings on December 28, the Noida Authority and the Greater Noida Industrial Development Authority (GNIDA) approved a policy to re-schedule the payment of builders’ dues, and also relaxed the time-extension charges.
The window to avail the reschedulement policy will be open till March 31, 2023.
“Only two builders have so far opted for the reschedulement policy to clear their dues. They have deposited an initial sum of Rs 30 crore. Both these developers cumulatively have approximately Rs 300 crore dues. We are hoping that more such defaulter builders will take benefit of the scheme in future and come out of the defaulter tag to benefit homebuyers,” an official of the Noida Authority told Moneycontrol.
The official, however, did not divulge names of the developers who have opted for the reschedulement policy. The policy will help developers shed their defaulter tag and the start registration of properties, which will help homebuyers, according to the official.
As per the policy, builders will have to submit 20 percent of the outstanding within one month of the release of the letter of reschedulement. They can then clear the rest in four instalments over two years.
The reschedulement will be applicable on the total outstanding amount, which includes the initial instalment, additional compensation (penalties, charges, etc.), and the lease rental payable.
If the allottee fails to pay two instalments, then the authorities will cancel the allotment without any notice, officials privy to the development said.
Builders owe more than Rs 39,500 crore to the two authorities — Rs 26,000 crore to Noida, and Rs 13,500 crore to GNIDA.
The Authority also noted that during the meeting, Maheshwari also directed the additional chief executive officer (ACEO) and the OSD (Group Housing) to coordinate with Amrapali Court Receiver and those developers who have been given permission for flat wise registry, to expedite the execution the process of registration of flats.
An official privy to the development said that it means that the process of registration of flats in projects of Amrapali group will be expedited. Those builders who have submitted the desired fraction of their dues will also be able to register flats of their projects, he said.
Maheshwari has also directed officials to take strict actions against those defaulters who are not paying dues. These strict actions include cancellation of plot, attachment of unsold units of the defaulter builder project and attachment of developers accounts with the authority, the Authority noted.
Directions were also issued to ensure updated status of registry of flats, dues of builders, project wise occupancy and completion certificates, on the website of the Authority.