May 19, 2023: The Greater Noida Industrial Development Authority (GNIDA) has said that it would cancel the allotment of housing projects which have not been completed within the deadline, according to media reports. After cancellation, these projects will be re-allotted to new players. An escrow will be created to ensure buyers get a refund.
The decision was taken as several builders have not been able to complete their projects even after 12 years of the allotment.
In a review meeting chaired by the Greater Noida Authority chief executive officer Ritu Maheshwari, officials said they found that several housing, commercial, institutional and other projects are incomplete even after the expiry of the deadline, mainly owing to the developers’ fault.
The authority has hired a consultant, Currie & Brown, to conduct a survey of the ongoing realty projects, which are incomplete, and submit a report within two weeks. Currently, there are 120 functional projects out of 193 in the city and at least 50 projects are delayed, according to the authority.
In the recent five years, the authority has cancelled the allotment of five projects after the developers defaulted on payments and failed to deliver projects, despite being given repeated opportunities.
According to the building by-laws, the time given to a developer to deliver the project is up to five years, which is then extended to seven years with an additional two years. The developer also gets additional time if there is a valid reason for the delay and if the land cost is paid to the authority on time.
See also: Noida, Greater Noida to introduce co-developer policy for stalled projects
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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