The Greater Noida Authority is devising a brand new approach to make developers pay their pending arrears. Out of 107 defaulting developers, there are 25 who do not have a third-party intervention. There has been no sale of apartments and plots similar to those developers. The authority mentioned allotments of those developers can be cancelled.
As a consequence, listing of such tasks is being made. Due to non-payment of arrears, the flat patrons are struggling because the registration procedure has hit a roadblock, Hindustan Times sister website online Live Hindustan reported.
There are 197 builder tasks underneath the Greater Noida Authority space. Out of those, 135 tasks owe arrears price just about 14,500 crore. The Authority has issued notices to 107 tasks over non-payment of arrears totaling 5,600 crore. According to stories, the Greater Noida Authority has held conferences with the developers and flat patrons for a center floor. The Authority has known the tasks which do not have a third-party intervention, in order that well timed motion will also be taken towards them.
Facing monetary crunch, a number of developers have additionally moved National Company Law Tribunal (NCLT). At least 21 developers who’ve pending arrears price 2,500 crore are in NCLT.
More than one lakh flat patrons are bearing the brunt of non-payment of arrears via the developers. Several patrons had been passed over apartments, however registration is but to be finished. The developers say that the extend in registry of apartments is for the reason that authority has no longer given them crowning glory certificate as a result of pending dues.