Connect with us










News

Builders of Greater Noida projects to get clear land dues

Greater-Noida-Authority

The Greater Noida authority on Friday said builders of 91 of the 95 group housing projects in Greater Noida have submitted applications agreeing to clear land dues, after which they can expedite work on their projects.

The developers want to partly clear the dues and reschedule the remaining over next three months.

The applications have been submitted in response to the last opportunity offered by the Authority to defaulter builders for clearing the land dues.

The Authority is expected to receive Rs 100 crore in land dues in the next three months.

Four developers have not shown any interest in clearing dues.

Advertisement










“I have told my staff to get complete details of the four builders who have not submitted applications to clear their land dues. I will take strict action against these four builders, including cancellation of plot allotment,” said Deepak Agarwal, chief executive officer of the Greater Noida Authority.

These 95 developers together owe Rs 4,500 crore (including interest on default) to the Greater Noida authority that had allotted land for group housing projects in lieu of land cost that is to be paid in installments.

As per the re-scheduling policy, a builder will have to pay 25% of the total pending amount in three months.

“They will pay 10% of this 25% in the next one month. And they can deposit 7.5% each in the subsequent two months,” said Agarwal.

Officials said they builders have been given a chance to clear their dues so that their projects are not delayed and homebuyers do not suffer.

Advertisement










The plots were allotted to builders in 2008-09.

Latest News

News1 day ago

Central Park’s Bignonia Towers in Sohna Achieves Rs 500cr Sales Bookings 

New Delhi, 14th June 2024: Bignonia Towers by Central Park in in Sohna has recorded sales bookings of Rs 500...

News1 day ago

Author Ashwinder R. Singh Launches His Third Book, “Master Commercial Real Estate”

June 14, 2024: Ashwinder R. Singh, acclaimed for his insightful contributions to real estate, launched his third book, “Master Commercial...

News1 day ago

Grade A Office Spaces Demand Growing at a Brisk pace, 164.3 Mn Sq Ft Added Since 2021

June 14, 2024: India’s office market is undergoing a profound transformation, reflecting the country’s robust economic growth, demographic advantages, and...

News1 day ago

Real Estate Sector Needs to Gear Up for New Housing Challenges Until 2029, With Rain Harvesting as a Core Element for Housing Projects: HUA Additional Secretary

New Delhi, June 14, 2024: Additional Secretary of the Ministry of Housing and Urban Affairs, D Thara, on Friday asked...

News2 days ago

Tier-2 Cities Closing the Gap with Top-8 as Property Prices Surge by 10-15% in Prime Areas: Housing.com Report

New Delhi, June 13, 2024: Housing.com has released its inaugural “The Bharat in India” report on Thursday. The report unveils...

News2 days ago

Housing Prices Soar 13% CAGR as Inflation Moderates to 5.4%: ANAROCK Report 

Mumbai, June 13, 2024: Inflation, the gradual increase in the general prices of goods and services, erodes the purchasing power of money...

Trending