Noida to form its own scheme to address issues in real estate sector
In a swift response to the challenges posed by delayed real estate projects, the Noida Authority is taking proactive steps. They have decided to develop a comprehensive scheme after recognizing that the recommendations put forth by a central government committee, chaired by former Neeti Ayog CEO Amitabh Kant, may not provide viable solutions to the ongoing real estate issues in Noida and Greater Noida.
Within the next month, the Noida Authority aims to draft this scheme and subsequently seek approval from the Uttar Pradesh government. Prabhas Kumar, the additional chief executive officer of the Noida Authority, expressed their commitment to crafting an effective solution within the specified timeframe, acknowledging the importance of securing the Uttar Pradesh government’s endorsement before practical implementation.
The central committee, tasked with formulating a policy to address national real estate sector issues, recommended to the Uttar Pradesh government that the authorities in Noida, Greater Noida, and the Yamuna Expressway should permit flat registries without demanding clearance of land cost dues from defaulting developers.
However, during a meeting held on August 13, the Noida Authority’s board found certain committee recommendations impractical due to their potential impact on the authority’s interests. The Greater Noida Authority also shared this view, as certain proposals suggested shifting the responsibility of granting occupancy certificates and disassociating property registry from financial obligations, which could adversely affect their financial standing and regulatory powers.
To address these concerns and formulate a practical solution, a collaborative effort is underway involving the Noida, Greater Noida, and Yamuna authorities. Manoj Kumar Singh, the additional chief secretary of Uttar Pradesh and chairperson of Noida and Greater Noida authorities, leads this joint task force. They are working on compiling a comprehensive report that will propose practical solutions to alleviate the ongoing real estate crisis.
The task force will assess the impact of the central government’s report and develop alternative recommendations for submission to the Uttar Pradesh government. Each recommendation will be carefully evaluated, ensuring that practical, case-specific solutions are presented.
Amid these developments, Mohit Arora, the director of Supertech Limited, expressed hope that the collaborative efforts of the authorities and the state government will lead to a comprehensive resolution. This resolution is anticipated to benefit numerous homebuyers eagerly awaiting the resolution of their grievances.
Notably, around 15,000 homebuyers are affected in various projects under development by the Supertech Group, with plans to deliver these units within the next two years, facilitated by a dedicated fund of ₹1,600 crore.
https://www.hindustantimes.com/cities/noida-news/noida-authority-to-develop-scheme-addressing-delayed-real-estate-projects-rejects-central-government-s-recommendations-101692383323660.html