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Builders owe Noida over Rs 7,000 crore in land payments

10 Sep 2016

images11noidaNOIDA: A day after TOI reported almost all real estate companies operating in Greater Noida have defaulted Rs 2,809 crore in dues against land allotted to them in 95 projects, the situation, it turns out, is worse in Noida.

Realtors owe the Noida Authority around Rs 7,200 crore, an official said. The figure for areas under the Yamuna Expressway Industrial Development Authority (YEIDA) is steep too —Rs 2,100 crore.

The official said almost all builders in the Noida area, across 86 projects, have dues.

Even as senior officials refused to comment on the issue, Noida Authority's amnesty scheme for a rescheduled payment plan ended in April this year, sources said. "After that, we have been repeatedly issuing notices to the defaulting builders. However, since presently we do not have a full-time CEO in place, several important decisions are pending," said an official, who did not want to be named. On being quizzed as to whether the Authority would upload its defaulters' list like the Greater Noida Industrial Development Authority has done, the official was noncommittal.

Till April 2016, Noida Authority had initiated an amnesty scheme in which any allottee who had an outstanding amount more than Rs 500 crore had to pay 10% of the amount to avail of the amnesty scheme. Allottees owing the Authority less than Rs 500 crore were to pay 15% of the due amount. However, all allottees had to pay interest on then balance amount, which was to be collected in instalments.

Meanwhile, Yamuna Expressway Industrial Development Authority officials told TOI that builders in its area too owed it about 2,100 crore. The dues from just one builder is Rs 600 crore. In the YEIDA area, property owners can still avail of the rescheduled payment plan by paying 15% of their outstanding dues besides paying the rest in instalments, the officials said.

By Sanjay Bansal | Founder & CEO | Affordable Homes India

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