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The Greater Noida Authority has taken the initiative to conduct a comprehensive survey, led by financial consultancy firm Currie & Brown, to evaluate the progress of construction on plots allocated to real estate builders for group housing projects. If builders fail to commence construction or pay their dues, their plot allotments will be cancelled, according to GNIDA officials. Officials have been instructed to include the cancelled plots in the next land scheme.
The survey serves two purposes: identifying non-functional projects and assessing projects under construction. It also explores the possibility of implementing the co-developer policy, which allows another promoter to complete the project and clear dues. GNIDA is currently considering this policy. In the past five years, approximately eight projects' plots have been cancelled. GNIDA's data reveals that out of the 193 group housing projects in Greater Noida, 63 have been fully paid for, while the remaining projects have accumulated dues exceeding Rs 13,000 crore.
Among these projects, developers of 97 projects alone owe the authority over Rs 5,000 crore. Additionally, 21 projects are pending in the National Company Law Tribunal (NCLT), while 12 projects involving Amrapali and Unitech are being heard in the Supreme Court. The officials clarified that projects currently under litigation or in NCLT will not face cancellation. Similarly, towers within builder projects where residents are already residing will remain unaffected.
Saumya Srivastava, GNIDA's Officer on Special Duty (OSD), emphasized that the primary focus of this survey is to provide relief to the end users, primarily homebuyers. The survey will encompass around 50 projects at various stages of construction, aiming to evaluate their construction status, viability, and outstanding dues. The consultant has been given one month to submit their report, including the financial inputs required for each project. Srivastava further highlighted that both GNIDA and the state government are actively working towards resolving issues between builders and buyers.
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