Authorities to move against developers for payment default

The Greater Noida and Yamuna Expressway Authorities are planning to act against builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet to clear outstanding dues of more than Rs 10,000 crore, to the two Authorities.

While a committee was set up earlier to look into the issues being faced by the homebuyers and the realty sector; the legal departments of the two Authorities were consulted by the committee on April 24to discuss if criminal proceedings can be initiated against more than 100 builders in the two regions.

According to the officials quoted in newspaper reports, the four-member committee has been tasked to explore all options available to recover dues from the defaulting developers.

A meeting to discuss the project settlement policy, initiated in October last year to provide relief to the homebuyers, was also held by the CEO of Noida and Greater Noida Authorities. The aim of the meeting was to come up with a workable solution to break the impasse between buyers and builders in all the three areas of Gautam Budh Nagar.

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