Noida Authority Chief Executive Officer Amit Mohan Prasad on Friday said that if a builder is unable to finish a sick project he will cancel its allotment and handover the same to another builder who will agree to deliver the flats without delay to the buyers. He said Chief Minister Yogi Adityanath has clearly instructed that home buyers should not face humiliation at the hands of the realtors.
The former Chief Minister, Akhilesh Yadav, had in 2016 come up with a project settlement policy to address multiple issues that delay realty projects.
Following the policy, 60 housing project owners in Noida and Greater Noida had applied to settle issues related to financial crisis and surrender of land. But the two authorities are yet to resolve issues in any of these realty projects.
Home buyers have been demanding resolution of their grievances as they are unable to get flat possession on time. Around 200 builders in Noida and Greater Noida have failed to deliver their housing projects on time citing dip in sales amid slowdown in the realty sector.
Project settlement policy
“We will use project settlement policy (PSP) to resolve issues in stuck housing projects. But if PSP fails to solve issues and any builder is unable to finish the project, then we will cancel the allotment. We will bring a new developer who can deliver. Our aim is to provide relief to home buyers whose rights are being infringed upon by the builders,” Mr. Prasad said.
A delegation of aggrieved home buyers on Thursday met with the Chief Minister in Lucknow.
“I will call a meeting with Confederation of Real Estate Developers Association of India soon to find out solutions to revive sick realty projects. I will try to address the issues first by meetings all the stakeholders, including the developers,” Mr. Prasad added.
