High-level meeting to review builder-buyer issues in Noida on March 6

NOIDA: A high-level meeting to take a call on builder-buyer issues is slated for Saturday in Noida. UP’s chief secretary and the additional chief secretary of the industries department, along with senior Noida Authority officials, will meet representatives of builders’ bodies and flat owners to understand their problems. Clearing logjams pertaining to flat registrations and interest rates will be discussed, sources said.

Both CREDAI and NAREDCO have already forwarded their representations to the Noida Authority. Acting on the grievances of flat buyers stuck in incomplete projects in Noida and Greater Noida, senior officials had given directions to the Noida and Greater Noida authorities to expedite the registration of properties.

The key issues which will be taken up include the reason behind the delay in executing registry of flats, review of the way dues have been calculated, recalculating dues as per SBI’s MCLR (marginal cost of funds based lending rate and review of the disposal done under the zero-period policies, sources said.

While the interest rate will be fixed after the Supreme Court’s disposal of the contempt petition filed by the four realty firms against the Noida Authority, senior UP officials could step in to approve an interim arrangement under which developers can make partial payment and be allowed to execute registries.

Additional chief executive officer of Noida Authority, Neha Sharma said, “We will present all the options before the senior officials. Developers have not come forward to make even partial payments.”

Chairman of Supertech group and president of NAREDCO-UP, RK Arora said that four demands will be shared with senior officials.