YEIDA plans scheme to collect Rs 4,450 crore from 14 builders

NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) is now planning to
bring in a one-time settlement scheme, a move that it hopes will help recover over Rs 4,450
crore in dues from 14 builders and pave the way for at least 10,000 registries.
Officials said that of the Rs 4,457 crore that YEIDA was to collect from the builders, Rs 2,753
crore was land premium, Rs 1,408 crore additional compensation for farmers and Rs 296 crore
lease rent.
If the scheme is implemented, it will help the builders save around Rs 1,000 crore in penal
interest. However, more importantly, it might facilitate the completion of projects, issuance of
occupancy and completion certificates and execution of registries, which has been a cause for
concern for thousands of homebuyers across NCR. Arun Vir Singh, the YEIDA CEO, said that the authority was exploring different options to resolve
the stalemate around pending registries and other builder-buyer issues.
“As of now, we are planning a one-time payment scheme to encourage builders to clear the
dues. However, before coming up with the plan, we will hold talks with the developers. We want
more and more builders to come forward and pay. This will also remove the obstacles around
projects,” he added.
Officials said the group housing projects where registries of flats were stuck were in sectors
22D, 22A and 26A. Orris Developers, Sunworld Infrastructure, ATS Realty, Supertech, SDS
Infracon, Green Bay Developers and Logix were among the biggest defaulters on YEIDA’s list,
they added. In some of the projects, buyers have even been handed possession of their flats,
but are unable to get their registries done because of the mounting dues that the developers are
yet to clear. For long, builders’ associations such as the Confederation of Real Estate Developers’
Association (Credai) and the National Real Estate Development Council (Naredco) have been
urging the authorities and the government to bring a one-time settlement scheme like the one
adopted by Haryana, which is offering a rebate of up to 75% on penal interest.

Kailash Chandra, president of the Supertech Upcountry Buyers’ Association, said, “The
developers have been moving goalposts and do not seem to be interested in clearing the dues.
Even if the penal interest part is removed, I am doubtful many builders will cough up the
amount. But what will happen to the projects that are in insolvency? The Authority should
instead focus on flat-wise registries so that the builders keep clearing the dues in phases.”