Page 32 - Construction Vision Dec-Jan 2024 Issue

INDIA'S 35 PC

STALLED HOUSING

PROJECTS IN NOIDA

hirty-five per cent of India's projects in the country are from Noida- ring fenced from any potential legal
stalled residential projects having Greater Noida region," the white paper challenges. The stalled projects will first
T1.65 lakh flats worth a total of Rs stated. have to be made viable for future
1.18 lakh crore are in Uttar Pradesh's investors for any acceptable resolution
Noida and Greater Noida, according to a "Their analysis figures out that projects bid. The main problem lies in the legacy
white paper released on Sunday. which comprise around 1.65 lakh units issue of allotment of land on lease by
Besides, there are at least one lakh are yet to be completed fully and their authorities to the developers on
individuals who are still waiting to register combined value is worth as high as Rs instalment payment, levying compound
their flats while nearly 60,000 others are 1.18 lakh crore. Our analysis on Uttar interest and hefty penalties for default
yet to be handed flats long after their Pradesh's RERA report indicates that thereof," it stated.
possession date, stated the white paper, more than 50 per cent such projects are
issued by citizens' platform Noida stalled for more than three years over the "The overleveraged developers,
Dialogue and private body Namo Seva proposed completion time. As many as supported by multiple financing options
Kendra. 27,992 complaints from homebuyers on single piece of land, compounded the
have been registered on the UP RERA problem. The unholy nexus of previous
BJP national vice president Gopal portal, recording the highest in the governments in power can now be
Krishna Agarwal on Sunday unveiled the country as of 2020," it added. undone through haircuts alone. The
'White Paper on Homebuyers Issues in above recommended solutions have to
Gautam Buddh Nagar (Uttar Pradesh)' The white paper further said that as per be implemented by the government with
during a programme in Greater Noida the report at present, there are at least political will," it added.
West in presence of scores of aggrieved one lakh individuals who are still waiting Agarwal, also BJP's spokesperson on
investors. to register their flats while nearly 60,000 economic affairs, said the governments at
others are yet to be handed flats long the Centre and in UP have been working
He called for resolution of the long-
after their possession date. for the homebuyers and are committed to
pending issues of homebuyers, resolving the issues.
emphasizing the action as suggested in
"These buyers have a twin financial
the white paper would come from both
burden on their shoulders, continue "Through this white paper, we have tried
the Centre as well as the Uttar Pradesh
paying EMIs for their incomplete flats and to bring forth the problem and its solution.
government.
bear the hefty rent of their houses where If everyone is convinced with the solution,
they stay at the moment," it noted. then we can take it ahead to talk with
"More than 850 residential projects have authorities for its implementation," he told
been inaugurated in the Gautam Buddh The white paper, which has sourced reporters.
Nagar district since 2011, of which information from public and private He said the BJP-led Central government
around 90 per cent of the projects come entities and feedback from homebuyers, has taken several measures like RERA
under the purview of Noida Authority, seeks to identify the problem, the root Act, Insolvency and Bankruptcy Code
Greater Noida Authority, and Yamuna
cause for it, cites legal case studies and (IBC), and the SWAMIH (Special Window
Expressway Development Authority (UP their judgments and suggests possible for Affordable and Mid-Income Housing)
RERA annual report, 2020). Property way forward to mitigate the woes of fund to address the homebuyers' issues
consultant Anarock ranks Noida as the homebuyers. and is further working to expedite the
worst city in terms of projects stalled as "The whole resolution process has to be resolution.
35 per cent of the stalled residential

CONSTRUCTION VISION 30 DECEMBER-JANUARY 2024