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According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority.
According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects
GNIDA said that registries of 4,398 flats were executed last year between January 1 and September 30. According to estimates, currently there are 80,000 to 90,000 registries pending in Greater Noida on account of different reason including builder dues.
Under the scheme, six group housing plots are being offered in different categories. The sizes of these plots range between 20,000 square metre (sqm) and 40,000 sqm. The reserved price of plots has been fixed between Rs 61.5 crore and Rs 135.3 crore depending on the size and location.