In a relief for thousands of home buyers, the three-member panel formed by the Uttar Pradesh government to resolve builder-buyer disputes has said that co-developers will be roped in to finish incomplete housing projects of Unitech, Amrapali and Jaypee.
The committee, comprising State Ministers Satish Mahana, Suresh Khanna and Suresh Rana, met builders and home buyers on Thursday in the presence of the CEOs of Noida, Greater Noida and Yamuna Expressway authorities.
The announcement followed a meeting with builders’ body, the Confederation of Real Estate Developers’ Associations of India (CREDAI), which offered to take over projects of other builders once a formal co-development policy was approved by the government.
‘To improve situation’
“The CREDAI will get involved in Unitech, Amrapali and Jaypee projects to improve the situation in order to cutoff the direct involvement of builders in future,” said Mr. Khanna.
Directing buyers not to pay the companies right now, the panel told them to pay the balance at the time of registration of their flats.
“We have put pressure on builders to monitor the quality of homes being delivered. We assure buyers that their hard-earned investment is safe,” he said.
The Yamuna Expressway Industrial Development Authority (YEIDA) earlier assured buyers from six scrapped projects of Jaypee group in its area that their money will be refunded at any cost.
A total of 3,367 buyers have invested in six projects of Jaypee group in YEIDA area, while
Amrapali has over 30,000 incomplete units in Noida and Greater Noida.
