Noida & Gr. Noida Authorities warn default builders

by Paul Joseph on March 25, 2013 · 0 comments

Asking the default builders to pay the due amount, Noida and Greater Noida development authorities have warned them. This action of the authorities will affect the flat buyers. Those who have booked flats and are waiting for their flats to be ready are now highly worried over the nature of the builders. If you have a point of doubt why the buyers are worried over the nature of builders, you should see the terrible situation of the flat buyers in Noida. Nearly 60 developers are found guilty of not paying the amount to the government or are default in their payment. The authorities warned these builders saying that they will not permit the builders to register any housing units till they pay their last penny to the government. Though the tough action of the authorities has troubled the buyers, the authorities remain determined to go ahead harshly. The authorities have lost around Rs.4000 Cr. Noida and Greater Noida development authorities have already sent many notices to the default developers asking them to pay the amount soon, none of the developers considered the notices seriously. This negative attitude of the builders has really made the authorities to go harsher against them. H K Verma, CEO (additional) at Greater Noida Authority said that the authority was not planning to block the registration. They had in mind the difficulties of the buyers. Mr. Verma said that the authority will not issue certificate of completion till they pay the due amount. Default developers’ layout plans too will be rejected. Among the builders who have due payment, some high reputed developers also include. One another reason for this stand point, is that the authority is currently undergoing a severe financial crisis. The authority has to find sufficient amount to refund the farmers to whom they have to pay the compensation amount.

[via India Real Estate Monitor]

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