Advertisement
The Noida Authority has begun placing informational boards outside housing projects where developers have unpaid land dues and have not applied for the government's rehabilitation scheme. The initiative aims to make the public aware of the financial status of these projects while encouraging developers to settle dues. Lotus Panache, undergoing insolvency proceedings, is the first project to display such a board. Previous campaigns saw partial compliance, and under the 2023 Legacy Stalled Real Estate Projects Policy, developers were offered incentives like 'zero-period' waivers to revive unfinished projects.
The Noida Authority has started installing boards outside housing projects whose promoters have outstanding land dues and have not sought relief under the government's rehabilitation scheme. This step is part of a broader effort to recover dues and inform the public about the status of these projects. Photographs of the boards are uploaded on the authority's website to maintain transparency and signal action against non-compliant developers. Advertisement
The first board has been installed outside Lotus Panache, a project by Granite Gate Properties, currently undergoing insolvency proceedings at the National Company Law Tribunal (NCLT). The boards clearly mention the developer's name and the amount claimed before the tribunal. Officials see this as an informational measure to break the impasse with defaulting builders.
Residents of some projects, including Lotus Panache, have expressed concern that the boards could interfere with the corporate insolvency resolution process. Amit Chauhan, a resident, mentioned that the action might negatively affect buyer morale and progress in reviving the project, and that they would inform the NCLT about the Authority's decision. The Noida Authority's CEO, Lokesh M, clarified that the boards are not coercive and are meant solely to provide public information. He emphasized that the boards are placed on government land and follow legal procedures.
This initiative builds on a similar campaign conducted last year, which led to some developers settling their dues. Currently, under the Legacy Stalled Real Estate Projects Policy, notified by the Uttar Pradesh government in December 2023, developers were offered incentives like zero-period waivers and recalculated dues to revive stalled projects affecting thousands of homebuyers.
At a recent board meeting, the Authority reviewed the policy's implementation. Out of 57 eligible projects (excluding those under NCLT or certain large defaulters), 35 developers have availed the scheme, depositing INR 528 crore, approximately 25% of recalculated dues post-Covid adjustments. Another 13 developers have made partial payments totaling INR 28 crore, allowing the Authority to unlock 3,724 flat registrations out of 5,758 units, reflecting a progress rate of 65%.
However, 22 developers have not paid their dues or responded to repeated notices. These projects now face enforcement measures, including plot cancellations, sealing of unsold units, dues recovery as land revenue, and potential referrals to the economic offences wing. Some non-compliant developers have approached courts seeking leniency, but the Authority has confirmed no further extensions will be granted. Lokesh M reiterated that the rehabilitation policy aims to complete projects and safeguard homebuyer interests, not enable indefinite delays.
To ensure smooth flat registrations for compliant projects, the Authority will continue registry camps and follow-up drives. Officials believe the board installations will encourage remaining developers to comply, thus enabling the revival of stalled projects and protecting homebuyers' interests.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
