Developers managing 52 stalled projects in Greater Noida have given their initial consent to revised dues during a meeting with Uttar Pradesh Industrial Development Commissioner (IDC) Manoj Kumar Singh.
IDC Singh emphasized resolving any discrepancies within a two-day timeframe following the meeting.
Recalculated Dues Disclosure:
Greater Noida Industrial Development Authority (GNIDA) recently informed developers about recalculated dues, considering rebates for a two-year zero period (April 1, 2020, to March 31, 2022) due to the Covid pandemic.
25% Payment Initiation:
Saumya Srivastava, an officer from the GNIDA group housing department, stated that developers of these 52 projects are prepared to promptly pay 25% of the recalculated dues to access rehabilitation package benefits.
This action would grant ownership rights to homebuyers residing in flats without registries within these projects, with the remaining dues to be paid gradually over the coming years.
Pending Decision and Extension:
Among a total of 96 projects owing Rs 5,500 crore to the Authority, 44 developers were absent from the meetings conducted over Saturday and Sunday.
The absent builders have an extended week to deliberate and confirm their stance on agreeing to the recalculated dues and opt-in for the rehabilitation package.
Government Guidelines and Recalculation:
Last month, the government issued rehabilitation package guidelines to expedite stalled project works, following recommendations from a panel chaired by former Niti Aayog CEO Amitabh Kant.
Chartered accountants hired by GNIDA recalculated developer dues, waiving penalties and accumulated interests during the Covid zero period, as per these guidelines.
(Source: ET Realty)