Uttar Pradesh RERA hires company to find a way out of land dues logjam

NOIDA:: To resolve the deadlock between real estate companies and the development authorities
of Noida and Greater Noida over legacy land dues of nearly Rs 39,000 crore, UP Rera has hired a
consultant that will prepare a report in a month’s time suggesting a possible roadmap. The deadlock has
halted registries across residential societies in Noida and led to other problems such as people living in
towers with incomplete amenities.
Realtors have been asking for a rebate on the penal interest accrued over the years that they have been
defaulting on. Delegations of developers recently met UP Rera chief Rajive Kumar and the newly
appointed infrastructure and industrial development commissioner (IIDC) Manoj Kumar Singh with their
demands.
“It’s a UP Rera initiative. We have hired a consultant to tell us what can be done about the developers’
issue. We are expecting the report in one month. We will share it with the (Noida and Greater Noida)
authorities and the state government, as they will decide how to take the recommendations further,”
Rajive Kumar told TOI.
On Thursday, representatives of UP Rera, the two development authorities and developers will also meet
to discuss the issue. The two authorities are a part of the UP Rera coordination committee and conduct
periodical dialogue with developers and homebuyers to resolve the deadlock.
At the national level, Kumar said, the Union ministry of housing and urban affairs has set up a committee
under India’s G20 Sherpa and former CEO of Niti Aayog Amitabh Kant to resolve the stalemate over
stalled housing projects across the country.
Meanwhile, Noida CEO Ritu Maheshwari said developers of 20 stalled projects in Greater Noida and 10
in Noida have applied to clear land dues under the reschedulement policy.
“The builders have already paid 10% application amount to apply under the policy. This will open up the
flat registry in 30 projects. We will go ahead and take strict action against those builders who are not
willing to clear dues. The Authority is planning to cancel the land allotment of defaulting builders and
take over their plots or under-construction towers and sell it to new promoters on a case-to-case basis,”
she said.
As many as 19 builders have also applied under the flat-wise registry scheme and, so far, 15 have been
given permission. “The permission remains valid for three months and during this period builders can
deposit the amount and get the registry of flats done according to the amount,” an official said.
Earlier, the realtor’s body National Real Estate Development Council (NAREDCO) wrote to the IIDC and
sought its intervention. “We have asked the IIDC to adopt a developer-friendly policy of settlement of
land dues. We urged him to adopt a state-level settlement policy similar to the “Vivad Se Viswas” scheme
announced by the Union finance minister in the Budget 2023 and the “Samadhan Se Vikas” scheme
launched by the Haryana government offering a rebate for clearing land dues payable to Noida, Greater
Noida and Yamuna Expressway Industrial Development Authorities,” NAREDCO president RK Arora
said.