Greater Noida: The dream of owning a house in Noida has turned sour for some people. Some have paid the full amount for their homes, while others are still paying EMIs and rent. Some people have received houses in bad condition, while others did not get all the facilities that were promised in the brochures of the builders.
Facing various issues, home buyers continue their struggle, fighting for their dream homes through different organisations. They protest from time to time, reaching out to officials and representatives, and stage demonstrations.
About Rs 35,000 to Rs 40,000 crore dues of the three authorities — Noida Authority, Greater Noida Authority and Yamuna Authority — are pending with the builders.
Noida Authority has to recover Rs 26,000 crore.
The burden of these dues is also being borne by the general public, as some have already received their homes, but their registrations are pending.
Without a registry, they can’t take loans or transfer ownership. Without a registry, a home buyer doesn’t have full ownership, and most importantly, they can’t even claim structural defects and other inconveniences.
On the other hand, builders argue that they have been unfairly penalised and the due amount has been increased with forced penalties.
Seeing the troubles of the builders and the buyers, several organisations have been formed.
Currently, many home buyers have joined hands with NEFOWA (Noida Extension Flat Owners Welfare Association), which is advocating for their rights.
The presence of such organisations holds builders and officials accountable. They often organise protests, including taking to the streets with their members, which draws the attention of the government.
Teaming up with NEFOWA, residents have filed formal complaints with Noida and Greater Noida Authorities, demanding intervention and swift solutions to the issues. Additionally, they have raised their concerns with the Real Estate Regulatory Authority (RERA).
NEFOWA has engaged with higher officials to amplify their efforts.
They have written letters to the Chief Minister, Prime Minister, and even the President, highlighting the severe conditions residents have to face due to the negligence of the builders. This association has been actively protesting alongside the home buyers for a long time. A recent example is that weekly protests are being held for the past 36 weeks.
NEFOWA’s representative delegation has also held meetings with the Uttar Pradesh Chief Minister multiple times regarding the demands for registry and possession. They have received assurances from the Chief Minister. This association has taken its efforts from the streets to Parliament, effectively raising the issues faced by the home buyers. Other similar organisations also lend legal support to the home buyers in their fight.
The organisation has been formed by the home buyers themselves. Whether it’s the Health Department or the Fire Department, these associations consistently bring the troubles of the residents to the attention of the officials and work towards resolving them.
The builders owe nearly Rs 26,000 crore to the Group Housing of the Authority. This money should have been recovered by now, but the builders have not deposited it. The authority has given multiple opportunities and options to the builders to pay these dues, but they haven’t taken advantage of them.
Around 116 projects are present in Noida, containing a total of 1,66,878 housing units. Out of these, occupation certificates have been issued for 99,039 units, and lease deeds for 61,699 units.
However, the Authority claims that after offering options, 3,475 subleases have been issued by March 10, 2023, i.e. in one year.
The Authority had introduced a reschedulement scheme for builders, with a deadline of March 31.
However, in a recent meeting between CREDAI (Confederation of Real Estate Developers’ Associations of India) and the Authority, builders requested for an extension of six months for the scheme and proposed an OTS (One-Time Settlement) scheme similar to Haryana’s. But the Authority rejected this proposal.
Nearly 10 group housing projects and builders have been identified till now. The process of issuing RCs has begun at the Authority. Officials clarify that not all projects will be issued RCs against the defaulting builders. If the project has unsold flats or commercial properties, they will be sealed.
If the land is vacant, it will be marked and taken back. Those not falling under these categories will be listed in the RCs.
Dues on Amrapali Project – Rs 3,580.78 crore (Court Case), Unitech Project – Rs 9,760.06 crore (Court Case), NCLT Project (15) – Rs 3,996.96 crore, Complete Project – Rs 1,529.73 crore, Incomplete Project – Rs 7,140.68 crore.
The process of declaring 15 builder projects in Noida insolvent is underway. Their cases are pending in the NCLT (National Company Law Tribunal). The Authority is also unable to impose strict measures for the recovery of funds.
Officials reveal that out of the 15 projects, four are such that not even a single registry has been done for the approved flats. Apart from the registry, all the work, including the collection of funds from society and IIFMAM (Institutional Investment Firms and Mutual Funds Association of India), will be done through IRP (Insolvency Resolution Professional).
–IANS