UP Govt set to clear exit policy for developers of sick projects

The Noida, Greater Noida and Yamuna Expressway authorities will send a detailed report of all sick realty projects to the Uttar Pradesh Government, which is considering approving an exit policy for the builders of such projects.

The report is likely to be sent to Lucknow by Tuesday, according to reports appearing in the media.

Under the proposed policy, passed by three authorities in May, any builder who is unable to complete housing or commercial projects can return the land to the Government, which can in turn re-allot it to other developers. The policy aims to revive sick realty projects and will also benefit homebuyers whose money is stuck in delayed projects. Around two to three lakh homebuyers in Noida and Greater Noida are expected to be benefitted if the UP Government approves the policy.

“The Greater Noida Authority has already compiled a detailed report on each realty project. Now the Noida and Yamuna expressway authorities need to do it too. After reviewing the report, the UP government may take a call on the exit policy,” said Deepak Agarwal, CEO of Greater Noida Authority.

Top officials of Noida, Greater Noida and Yamuna Expressway authorities held a meeting on Friday evening in Greater Noida to discuss the issue in detail.

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According to officials, the three authorities will compile details pertaining to funds, land area, number of buyers who have invested, whether the builder has diverted any funds, the amount the builder has defaulted on and details of how much a builder owes banks etc.