Page 2 - Uilder Dues News Today

The registration of 20,000 more flats is likely to be permitted by the Authority in two-three months, and discussions regarding the same are already underway.

The government may either have to rationalise interest rates on builder dues or give them a moratorium. This would mean having to forgo some portion of the accumulated builder dues.

Officials said that these registries were executed through special camp organised within the premises of the GNIDA office complex. The move comes after the GNIDA last week permitted registry of over 2000 flats in different projects.

However, the auction of another group housing plot in Sector 44 may take time as not enough bids have been received for that plot.

These accounts will be jointly operated by the builders and the Authority and will make it difficult for builders to divert funds to other projects or means.

Officials said the proposal did not receive a single application from developers because of the scheme’s strict eligibility conditions, which precluded the involvement of developers who had any dues with the three development authorities in Gautam Budh Nagar district.

Scope exists for reducing Rs 6,000 crore to Rs 7,000 crore of total dues outstanding from developers, who will be able to pay the remaining amount, CREDAI chairman Manoj Gaur

Uttar Pradesh Real Estate Regulatory Authority had issued recovery certificates against the developer over non-payment of dues of Rs 136 crore