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The Noida Authority has announced plans to take action against developers who have failed to comply with the Uttar Pradesh government's policy on stalled housing projects. This includes attaching and auctioning the assets of defaulting builders. The policy aimed to revive stalled projects by allowing developers to pay 25% of their dues upfront and the remaining 75% over three years, with interest waivers. Many developers have not followed these terms, leading the authority to withdraw interest waivers and pursue asset attachment measures to ensure homebuyers can complete their property registrations.
The Noida Authority has decided to act against real estate developers who have not complied with the Uttar Pradesh government's policy for stalled housing projects. The policy was introduced to address incomplete housing projects by allowing developers to pay 25% of their dues upfront and the remaining 75% over three years, with interest waivers. Many developers have failed to meet these obligations, prompting the authority to respond. Advertisement
Currently, 57 stalled housing projects in Noida fall under this policy. Out of these, 3,724 apartment registries have been completed, while 5,758 apartments remain unregistered due to unpaid land cost dues. The authority has said it will withdraw interest waivers for developers who have not followed the payment terms. It also plans to attach and auction the assets of defaulting builders to recover dues and help homebuyers complete their property registrations.
The Noida Authority explained that the main goal is to ensure homebuyers can finalize the registration process for their properties. Other measures under the policy will also be applied to address stalled housing projects and ensure developers meet their responsibilities.
This move reflects a wider effort by the Uttar Pradesh government to resolve stalled housing projects and protect the interests of homebuyers. By taking action against developers who have not paid dues, the authority hopes to encourage timely completion of projects and restore confidence in the real estate market.
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