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The Yamuna Expressway Industrial Development Authority (YEIDA) is exploring the option of a one-time settlement scheme to recover over Rs 4,450 crore in dues from 14 builders, which could pave the way for at least 10,000 registries. The dues include Rs 2,753 crore in land premium, Rs 1,408 crore in additional compensation for farmers, and Rs 296 crore in lease rent. If the scheme is implemented, it could facilitate the completion of projects, issuance of occupancy and completion certificates, and execution of registries, which has been a cause for concern for thousands of homebuyers across the National Capital Region.
The one-time payment scheme could help the builders save around Rs 1,000 crore in penal interest. YEIDA CEO Arun Vir Singh said that the authority is exploring different options to resolve the stalemate around pending registries and other builder-buyer issues. Singh added that YEIDA is planning to encourage builders to clear their dues, and that the authority will hold talks with the developers before coming up with the final plan. YEIDA wants more builders to come forward and pay to remove the obstacles around projects.
Officials said that group housing projects where registries of flats were stuck were in sectors 22D, 22A, and 26A. Orris Developers, Sunworld Infrastructure, ATS Realty, Supertech, SDS Infracon, Green Bay Developers, and Logix were among the biggest defaulters on YEIDA's list. In some of the projects, buyers have been handed possession of their flats but are unable to get their registries done because of the mounting dues that the developers are yet to clear.
For a long time, builders' associations such as the Confederation of Real Estate Developers' Association (CREDAI) and the National Real Estate Development Council (NAREDCO) have been urging the authorities and the government to bring a one-time settlement scheme similar to the one adopted by Haryana, which is offering a rebate of up to 75% on penal interest.
However, Kailash Chandra, president of the Supertech Upcountry Buyers' Association, expressed doubts about the builders' willingness to pay the dues, stating that they have been moving goalposts and do not seem interested in clearing the dues. He suggested that YEIDA should instead focus on flat-wise registries so that the builders keep clearing the dues in phases.
Overall, YEIDA's plan to bring in a one-time settlement scheme to recover dues from builders is a positive step towards resolving the pending registries and other builder-buyer issues in the National Capital Region. It remains to be seen if builders will be willing to pay the dues and if the scheme will help facilitate the completion of projects and the execution of registries.
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