Noida authority, in a move to ensure transparency in property dealings has released a list of 58 realty projects which have defaulted on land cost payments to the government. The Noida authority has cautioned homebuyers against investing in these projects. This is the first time since 2017 that the Noida authority has come up with such a list, even though there have been demands from homebuyers for a long time.
The Noida authority uploaded the details online on March 20, 2023. According to the officials, one can visit the official website https://pims.mynoida.in/GroupHousing/GroupHousingProjectRecord?AppType=4 and check the credentials of the developers and their projects. Prasoon Diwvedi, officer on special duty, Noida authority, said that the details will be revised every month. The authority will remove the name of a builder from the defaulter category after it clears all dues.
Noida developers, including Supertech, Logix, ATS, AIMS MAX Gardenia, Assotech and 3C, are among the financial defaulters’ category.
As per the officials, 34 out of a total 115 projects were marked ‘safe’ as the promoters in these projects have paid the financial dues on time. Homebuyers may purchase the flats and execute registrations in these projects. A total of 65 are financial defaulters, where buyers cannot execute registry to transfer the property title to their names because the promoters of these projects failed to pay the dues to the Noida authority. A total of 15 of these 65 realty projects are facing insolvency and bankruptcy proceedings as they defaulted to pay the dues to lenders, including the Noida authority.
The Noida authority does not permit registry on financial default so that the realtor is forced to clear the dues. However, according to the developers, they would not come out of the defaulter category until the government introduced a policy enabling them to make payments.
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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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