In Greater Noida, Nine builders paid 25% amount under Kant panel package; 10,000 houses to be registered soon
Data shows 66 projects, with outstanding dues of Rs 2,635 crore, have submitted their consent letters to the authority but are yet to pay the 25% amount, Rs 598 crore. If these builders pay the money, it will pave the way for a registry of 14,495 flats
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Greater Noida Authority CEO Ravi Kumar N G said all the formalities for the 17 projects have been completed and the registration of flats will begin from the first week of March. (Representational Image)Following several rounds of talks and re-calculation of land dues, a total of nine builders in Greater Noida Authority have so far paid the 25% amount required to initiate the process of registration of flats according to the Amitabh Kant committee relief package.
Under the plan, the registry of stalled flats can only begin when the builder pays 25% of outstanding land dues after adjusting the zero-period relief within 60 days.
Under the zero-period waiver clause, interest and penal interest will not be levied on the builder for two years, and the installments will be shifted beyond it. Using this formula, the total land dues of the builders will be reduced by around 20 percent.
There are a total of around 1.47 lakh stalled flats in Greater Noida area, where around 79,000 flats are stuck in National Company Law Tribunal (NCLT) and various courts.
A total of around 96 builders and 68,000 flats were roped in under the package by the authority for registration. Out of this, 75 builders have given their consent and nine have paid the 25% amount. Data available with the Authority shows that after applying the formula, eight projects now have zero dues. Apart from this, a total of nine builders have paid Rs 35 crore as 25% of the total outstanding of Rs 149.86 crore.
Officials said that this means that the registration of a total of 10,283 flats in these 17 housing projects will begin soon.
Data shows 66 projects, with outstanding dues of Rs 2,635 crore, have submitted their consent letters to the authority but are yet to pay the 25% amount, Rs 598 crore. If these builders pay the money, it will pave the way for a registry of 14,495 flats. Greater Noida Authority CEO Ravi Kumar N G said all the formalities for the 17 projects have been completed and the registration of flats will begin from the first week of March.
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