Noida Authority Chairman Alok Tandon said they have written to the state government to give a chance to the builders to pay the remaining amount and extend its time duration by two months.
Giving another chance to defaulter builders to refund the money for the land allotted for various housing projects in Noida, the Noida Authority held a meeting with nearly 30 builders on Tuesday, and later sent a proposal to the state government, urging it to extend the time for the payment by two months.
Noida Authority Chairman Alok Tandon said they have written to the state government to give a chance to the builders to pay the remaining amount and extend its time duration by two months.
"The builders have failed to complete their projects and have not been able to clear their dues to the Authority. On the other hand the homebuyers are suffering," said Alok Tandon, Chairman of the Noida Authority.
The proposal further stated that builders with project value less than Rs 500 crore could deposit 15 per cent of the amount, while builders with projects more than Rs 500 crore should deposit 10 percent of the amount.
"Now, a builder will have to pay the stated percentage of the amount in advance. The builder will have to pay the remaining 85 per cent in installments. We have also done away with the two-year extension," Tandon added.
Officials said the change was necessary because the faulty policy had led to the ongoing realty crisis, which has left thousands of homebuyers in the lurch, with no certainty over their investments. As per the Noida Authority's estimate, nearly one lakh homebuyers are awaiting delivery of flats even after the deadline because builders are unable to finish projects, citing a fund crunch.
Proposal
The builders with project value less than Rs 500 crore could deposit 15 per cent of the amount, while builders with projects more than Rs 500 crore should deposit 10 percent of the amount.
The builder will have to pay the remaining 85 per cent in installments
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