According to the PSP, if a builder is yet to begin construction, then he can quit the project
The Uttar Pradesh government has adopted the Akhilesh Yadav-led government's policy to settle builders-buyers issues in Noida and Greater Noida.
In 2016, the Akhilesh-led government had come up with a project settlement policy (PSP) to address multiple issues regarding the delayed realty projects in the areas. Afterwards, owners of 60 housing projects in Noida and Greater Noida had applied for settlement.
According to the PSP, if a builder is yet to begin construction, then he can quit the project. If the construction has been halted mid-way, an interested co-developer can be introduced to bail out the project. There were some other provisions as well.
After the change in regime, the two authorities started distancing from the PSP, affecting thousands of homebuyers. CEO of the twin authorities, Amit Mohan Prasad, has now confirmed that they will cancel a sick realty project and allot the same to another builder.
Realty major Unitech and Wave have already submitted applications to the Noida Authority, seeking to surrender their projects. Unitech has decided to surrender 219 acres out of 466 acres that it was allotted for three housing projects in Noida. The plots were allotted to the company in Sectors 96, 97, 98, 113, and 117 in 2006-07, for housing projects worth Rs 2,500 crore.
"Wave and Unitech have applied to surrender land," Shishir Singh, Additional CEO, Noida Authority, told DNA. Earlier, Wave Infratech had sent an application, seeking to surrender nearly 110 acres out of the 152 acres of residential-cum-commercial plots, allotted to it in Sectors 32 and 25A in 2011.
In Noida, 50 projects have been delayed while the number of under-construction realty projects in Greater Noida is 95. Around 1 lakh homebuyers in 80 of these projects have been affected. In the Yamuna Expressway authority area, 20 builders have failed to complete their projects and investment of around 20,000 homebuyers is at stake.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
 "Realty projects")
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}