According to a whitepaper released by citizens’ platform Noida Dialogue and private body Namo Seva Kendra on November 26, 2023, 35% of all stalled residential projects in India are located in Uttar Pradesh’s Noida and Greater Noida. This amounts to 1.65 lakh flats worth a total of Rs 1.18 lakh crore. Of these, there are at least one lakh people who are waiting to register their flats while around 60,000 others are yet to be handed flats long after their possession date. These buyers have a twin financial burden on their shoulders, continue paying EMIs for their incomplete flats and bear the hefty rent of their houses where they stay at the moment.
Over 850 residential projects have been inaugurated in the Gautam Buddh Nagar district since 2011, of which around 90% of the projects come under the purview of Noida Authority, Greater Noida Authority and Yamuna Expressway Industrial Development Authority, according to a report by UP Rera. Of these, 1.65 lakh units are yet to be completed fully. As per UP Rera’s report, over 50% of these projects are stalled for more than three years over the proposed completion time. As many as 27,992 complaints from homebuyers have been registered on the UP Rera portal, recording the highest in the country as of 2020.
The whitepaper, which has sourced information from public and private entities and feedback from homebuyers, seeks to identify the problem, the root cause for it, cites legal case studies and their judgments and suggests possible way forward to mitigate the woes of homebuyers. The whole resolution process has to be ring fenced from any potential legal challenges. The stalled projects will first have to be made viable for future investors for any acceptable resolution bid.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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