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The Greater Noida Authority is set to enhance transparency and protect investor interests by uploading the details of 197 group housing projects on its official website. This move follows the Noida Authority's recent update of 115 projects, which included information on completion status, occupation certificates, arrears, disputes, and registry of flats.
The data, expected to be uploaded by next Friday, will be prepared tower-wise for each builder. This will allow homebuyers to check the status of all projects and make informed investment decisions. Currently, 135 of the 197 housing projects in Greater Noida are on the defaulters' list, and 107 builders have been issued notices to clear their outstanding dues of nearly Rs 5,600 crore.
Under the Greater Noida Authority's reschedulement policy, launched in January, the Authority has already received Rs 400 crore and expects to collect an additional Rs 80 crore from the second instalment of projects that applied under the policy. Developers who have not shown interest in clearing their dues may face recovery certificates and land allotment cancellations.
In total, builders owe over Rs 14,500 crore to the Greater Noida Authority. Twenty-one projects undergoing insolvency proceedings at the National Company Law Tribunal owe the authority more than Rs 2,500 crore. As a result, around 1 lakh homebuyers in Greater Noida West are struggling to register their flats.
The Greater Noida Authority is a statutory body established in 1991 under the provisions of the Uttar Pradesh Industrial Area Development Act to promote and manage the development of Greater Noida, a satellite city located in the National Capital Region of Delhi. The authority is responsible for planning, developing, and managing the land resources of the Greater Noida region. It is also responsible for acquiring land for development, regulating land use, and enforcing building regulations and zoning ordinances.
In conclusion, the Greater Noida Authority's decision to upload housing project details online is a significant step toward increasing transparency and ensuring investor protection. This move will enable homebuyers to make better-informed decisions and hold developers accountable for project completion and financial obligations.
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