Greater Noida to bring reschedulement policy for defaulting realtors

The Greater Noida authority is set to bring a reschedulement policy for defaulting realtors who have not paid financial dues despite repeated notices. The move comes after realtors sought a policy to address the woes being faced by the real estate sector, said officials. The move will give realtors additional time to clear dues and they will then come out of the defaulters’ category, becoming eligible for funding from banks.

The authority is struggling to recover as much as ₹14,000 crore land cost dues from 143 housing projects in Greater Noida. The promoters of these projects are failing to clear dues amid an economic crisis in the real estate sector, said officials.

On December 7, a delegation of realtors from the confederation of the real estate developers association of India (Credai), met Ritu Maheshwari, chief executive officer of the Greater Noida authority. They sought additional time to clear the dues because once they will be out of the defaulters’ category, they can arrange funds from banks and revive the projects, said officials.

“We plan to come up with a proposal for a scheme that can address the issues being faced by the real estate sector. If the board will approve the proposal, then the reschedulement policy will address the woes of the realtor,” said a Greater Noida authority official.

The authority is likely to hold its board meeting next week.

“We are taking many proposals to the board to address the issues of the real estate sector,” said Saumya Srivastava, officer on special duty of the Greater Noida authority.

The authority had allotted housing land to developers from 2010. They were supposed to build, deliver and clear the land cost dues within 10-12 years, but the projects are yet to clear, said officials.

“The authority must address this issue so that the pending registry issue can be solved, which will benefit homebuyers,” said Abhishek Kumar, president of the Noida Extension flat owners welfare association.