Greater Noida: Developers to face action if flat handed over without registry

The jurisdiction of Greater Noida has provided a notice to 107 projects over insolvency non-payment of arrears totalling ₹5,620 crore.

In the city there are overall 198 builder construction projects which is under the Greater Noida Authority sector. Out of the box of these, 136 development projects owe arrears overall worth reach nearly around ₹14,700 crore. (HT Archive).

Therefore, the Authority of Greater Noida is imitating a new plan to make constructors to pay their unresolved arrears. External to 107 non-remittance builders, in which 25 who don’t have a third-party interference. In these circumstances there was no sale of flats and plots of the property based to these additional builders. The Greater Noida Authority mentioned the allocation of these constructor will be declined.

Therefore, the sum of this list of projects related are being made. As of non-payment of arrears in segment, the buyers of this flat on these areas are going through an hard part as the process involved in registration has hit a roadblock, reported by Hindustan Times sister website Live.

There are sum of 198 builder projects covers under the Greater Noida Authority area. External to of these, 135 projects owe arrears worth nearly ₹14,500 crore. The Authority has reported an notices to 109 projects over non-payment of arrears totalling ₹5,600 crore. As per the report, the Greater Noida Authority has recently held an conversation meet-ups with the builders and flat buyers of the property for a middle area. The Authority has pinpointed the projects which don’t have a third-party interference, so that periodic action for to get solution can be taken opposite to them.

Fronting financial munch, some builders have also shifted National Company Law Tribunal (NCLT). Here out of some at least 23 builders who have unresolved arrears worth ₹2600 crore are in NCLT.

Moreover, there are more one lakh flat buyers of this property are comportment the burden of non-payment of arrears by the constructors. In this many buyers have been deposited over their flats, but here the process of registration is complicated and yet to be get resolved. The project constructors said that the detain in the seps of registry of flats is due to the Authority has not given them final execution certificates because of debatable dues.