Builders: Builders of 52 projects say yes to rehab deal | Indian News | Noida News
Noida: Developers of 52 stalled projects in Greater Noida gave their in-principle nod to their recalculated dues at a meeting with UP industrial development commissioner (IDC) Manoj Kumar Singh on Sunday.
Any discrepancies, said the IDC, should be resolved within two days.
This comes a day after the Greater Noida Industrial Development Authority (GNIDA) informed the developers of the recalculated dues after factoring in rebates for a two-year zero period from April 1, 2020, to March 31, 2022, arising due to the Covid pandemic.
Saumya Srivastava, GNIDA officer on special duty in the group housing department, said, “The developers of 52 projects are ready to promptly pay 25% of their recalculated dues to access the benefits of the rehabilitation package.”
After that, homebuyers living in the flats in these projects without registries will get ownership rights of their homes. The developers have to pay the remaining dues over the next few years.
In Greater Noida, developers of 96 projects collectively owed the Authority Rs 5,500 crore. While 52 are ready to sign the rehabilitation package, the remaining 44 have been absent from the Saturday and Sunday meetings.
The absent builders have an additional week to decide whether they agree with the recalculated dues and opt in for the rehabilitation package.
Last month, the government issued guidelines on a rehabilitation package for expediting work on the stalled projects based on the recommendations of a panel led by former Niti Aayog CEO Amitabh Kant.
According to the guidelines, independent chartered accountants hired by the Greater Noida Authority recalculated the developers’ dues after waiving off penalties and interests accumulated during the Covid zero period.
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Any discrepancies, said the IDC, should be resolved within two days.
This comes a day after the Greater Noida Industrial Development Authority (GNIDA) informed the developers of the recalculated dues after factoring in rebates for a two-year zero period from April 1, 2020, to March 31, 2022, arising due to the Covid pandemic.
Saumya Srivastava, GNIDA officer on special duty in the group housing department, said, “The developers of 52 projects are ready to promptly pay 25% of their recalculated dues to access the benefits of the rehabilitation package.”
After that, homebuyers living in the flats in these projects without registries will get ownership rights of their homes. The developers have to pay the remaining dues over the next few years.
In Greater Noida, developers of 96 projects collectively owed the Authority Rs 5,500 crore. While 52 are ready to sign the rehabilitation package, the remaining 44 have been absent from the Saturday and Sunday meetings.
The absent builders have an additional week to decide whether they agree with the recalculated dues and opt in for the rehabilitation package.
Last month, the government issued guidelines on a rehabilitation package for expediting work on the stalled projects based on the recommendations of a panel led by former Niti Aayog CEO Amitabh Kant.
According to the guidelines, independent chartered accountants hired by the Greater Noida Authority recalculated the developers’ dues after waiving off penalties and interests accumulated during the Covid zero period.
We also published the following articles recently
Developers of stalled projects to be apprised of recalculated dues this wk
Noida and Greater Noida Authorities will meet defaulting builders of stalled projects this week to apprise them of recalculated dues and draw up a payment schedule before the IDC; The UP government issued guidelines for the rehabilitation of stalled projects; Over one lakh homebuyers will soon get ownership rights if builders accept the rehabilitation package; The authorities would have to forego over 20% of the total dues; The Noida Authority has called the meeting on Friday.
Noida and Greater Noida Authorities will meet defaulting builders of stalled projects this week to apprise them of recalculated dues and draw up a payment schedule before the IDC; The UP government issued guidelines for the rehabilitation of stalled projects; Over one lakh homebuyers will soon get ownership rights if builders accept the rehabilitation package; The authorities would have to forego over 20% of the total dues; The Noida Authority has called the meeting on Friday.
Covid relief: Noida offers 21% reduction of dues to builders
The Noida Authority has tabled recalculated dues before realtors based on government guidelines to rescue stalled projects. The reduction in the amount real estate companies have to pay is a significant 21%. Developers of 52 real estate projects in Noida owe the Noida Authority around Rs 28,000 crore in dues. If realtors accept the recalculated dues and agree to the state government’s rehabilitation proposal, they will be eligible for a second tranche of zero period waiver. The developers will meet with the industrial development commissioner to discuss the offer.
The Noida Authority has tabled recalculated dues before realtors based on government guidelines to rescue stalled projects. The reduction in the amount real estate companies have to pay is a significant 21%. Developers of 52 real estate projects in Noida owe the Noida Authority around Rs 28,000 crore in dues. If realtors accept the recalculated dues and agree to the state government’s rehabilitation proposal, they will be eligible for a second tranche of zero period waiver. The developers will meet with the industrial development commissioner to discuss the offer.
Auroville at liberty to continue development projects after Supreme Court’s verdict
The Supreme Court has granted the Auroville Foundation the freedom to continue developing the township, overturning the National Green Tribunal’s previous verdict. The foundation can now implement key projects outlined in the Auroville Master Plan without any restrictions. The development may involve cutting down a small percentage of trees, mainly aggressive-invasive species such as Acacia auriculiformis, which were planted with the knowledge that they would need to be felled. This decision aligns with the Auroville Foundation Act and the vision of Sri Aurobindo’s spiritual collaborator, the founder of Auroville, to create a vibrant town for 50,000 people.
The Supreme Court has granted the Auroville Foundation the freedom to continue developing the township, overturning the National Green Tribunal’s previous verdict. The foundation can now implement key projects outlined in the Auroville Master Plan without any restrictions. The development may involve cutting down a small percentage of trees, mainly aggressive-invasive species such as Acacia auriculiformis, which were planted with the knowledge that they would need to be felled. This decision aligns with the Auroville Foundation Act and the vision of Sri Aurobindo’s spiritual collaborator, the founder of Auroville, to create a vibrant town for 50,000 people.