Greater Noida: Owning a house in Noida and Greater Noida has been the dream of thousands of people.
If we look at the picture of real estate in Noida and Greater Noida, then only a disappointing picture emerges. In this picture, it is clearly visible that thousands of home buyers have fallen into the trap of fraud and broken promises.
Not only that, when these buyers make their payment and finally get possession of their homes, they realise that the facilities that were promised to them are nowhere to be found. The facilities shown to them in brochures by builders while selling flats are still missing in the society. Elevators are running with constant glitches,swimming pools with no water, only a signboard in the name of the club.
But the most important question is, who is responsible for this? The accountability lies with the governments, authorities, builders, and all those financial institutions that trapped the general public in their false promises and then left them to suffer.
Three governments came and went, the problem remains the same
In the past several years, three governments came in Uttar Pradesh, the promise of resolving the crisis in real estate was made by each one, yet no benefit was gained.
After the arrival of the Yogi government, RERA (Real Estate Regulatory Authority) was introduced, and people believed that this would help them attain their dream homes and bring justice.
However, RERA’s efforts have proven ineffective in curbing mismanagement and incomplete commitments.
Recently, after the appointment of Amitabh Kant as the head of a committee, people have been given a glimmer of hope once again. However, the situation still remains similar, as the officials’ indifference and their inclination towards builders rather than safeguarding the interests of the common people are evident.
Builders who diverted funds from one project to another and are still living comfortably despite their incomplete projects are not held accountable. This cycle has been going on for the past 15 years.
Over 2.5 lakh homebuyers still await registry
In Noida Authority, Greater Noida Authority and Yamuna Authority, around 250,000 homebuyers are still awaiting the registration of their properties for projects delivered so far.
According to authorities, until builders settle their outstanding payments owed to the authorities, allowing registrations without receiving these payments would be a significant mistake.
According to the authorities, if registrations are allowed and authorities provide a waiver to the builders once homebuyers initiate the registration process, it would become extremely difficult to recover the outstanding dues from the builders.
Builders initially provided only 10 per cent of the land cost and started their projects. When it came time to pay the remaining amount, they stalled the process. Even lease deeds weren’t executed, and the remaining land payments were also not made. This is why the authorities have put a halt on flat registrations.
Renowned builders shattered the public’s trust
Prominent names like Amrapali, Jaypee, Supertech, Ajnara, Unitech, and many others have completely shattered the dreams of the general public and broken their trust.
The weak position of these builders and their failure to deliver projects on time have given rise to problems between flat buyers and builders.
Among these, only the Amrapali case has seen some significant progress under the supervision of the Supreme Court.
However, there has been no significant improvement in projects due to the appointment of NCLT and RERA.
Flat buyers formed various groups, protested for months, and began fighting their cases. But even now, the burden of EMIs, rent, and the responsibility to support their families is being shouldered by the common man.
–IANS