16 builders yet to pay 25% dues under Kant package to Greater Noida Authority, registry of thousands of flats stuck
The 16 builders account for 1,272 crore net land dues after the zero-period benefit, which is around 38% of total land dues of Rs 3,413 crore. The 25% outstanding amount that they have to pay is Rs 289 crore.
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Data from the GNIDA shows that the registration of about 85,000 flats is pending in its jurisdiction alone. Of this, only 4,000 flats have been registered. (File Photo)Seven months after the Uttar Pradesh government approved implementing recommendations of the Amitabh Kant panel on legacy stalled real estate projects, the registry of thousands of flats in Greater Noida continues to remain in limbo. This is because 16 big builders, who account for around 38% of net land dues, have not paid any amount to date to the Greater Noida Industrial Development Authority (GNIDA), said officials.
The committee was set up last March by the Union Housing and Urban Affairs Ministry and was chaired by Kant, the former NITI Aayog CEO. It provides several waivers to builders including a two-year zero-period relief, taking into account the Covid pandemic; this translates into a 20% waiver of total outstanding land dues. However, there is a condition that the flat registry will begin only after the builder pays 25% of the outstanding amount (land dues) within 60 days.
Data from the GNIDA shows that the registration of about 85,000 flats is pending in its jurisdiction alone. Of this, only 4,000 flats have been registered.
The 16 builders account for 1,272 crore net land dues after the zero-period benefit, which is around 38% of total land dues of Rs 3,413 crore. The 25% outstanding amount that they have to pay is Rs 289 crore.
Officials said in the case of one of the 16 builders, a court case is pending against the stay on recovery certificate issued by the authority. While another has sought a review of the dues, that of a third builder is being rechecked, they said.
“A complete list of such builders with details of their properties is being prepared for further action — cancellation of plots, attachment of the builder’s properties — under the package,” said Saumya Srivastava, OSD (Builders), Greater Noida Authority.
A total of 98 builders have been roped in under the plan; 52 builders have paid 25% of the dues, said officials. Data shows that in 13 projects, there are no dues on the builder after applying the Kant formula.
An official said the authority will receive Rs 1,400 crore (which includes the 25% amount) from these builders in installments. “In the next few years, 37,957 housing units will be delivered in 65 projects (13+52 projects) under the plan. We are making efforts to expedite the registry,” said Srivastava.
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