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Incomplete housing developments will be cancelled in Greater Noida?

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Incomplete housing developments will be cancelled in Greater Noida?

  • 01 Jul 2023

Because some developers have failed to finish their projects even 12 years after the allotment, the decision to rescind allotments was made.

The Greater Noida administration announced on Thursday that it will cancel the allocation of any housing developments that had not been finished by the deadline. Following cancellation, these projects will be redistributed to new participants, and an escrow will be established to guarantee that customers receive a return.

Since some developers have failed to finish their projects even 12 years after the allotment, the decision to rescind allotments was made.

The failure of developers, according to authority officials, is the fundamental reason why various housing, commercial, institutional, and other projects remain unfinished long after the deadline has passed.

All department heads attended the review meeting, which was presided over by Greater Noida Authority Chief Executive Officer Ritu Maheshwari and held at the authority's office in Sector Knowledge Park-4.

Maheshwari also requested that Currie & Brown, a consultant, do an analysis of the current real estate projects that are still unfinished two weeks after the deadline has passed.

The authorities will take appropriate action after receiving the survey results from Currie & Brown. According to Saumya Srivastava, an officer on special duty for the Greater Noida government, "our main goal is to make sure that more and more homeowners are able to take possession of their individual flats.

Out of 193 projects in the city, 120 are functional, and at least 50 are currently behind schedule, according to the authorities.

After the developers missed financial payments and failed to complete projects despite being given numerous chances, the authority cancelled the allocation of five real estate projects over the past five years. Building bylaws state that a developer is given five years to complete a project, which is later increased to seven years and then given an additional two years. If there is a legitimate basis for the delay and the developer pays the authority's land cost on time, he or she is also given an extension of time.

However, the administration has now decided to revoke the allocation because, in their opinion, certain developers do not intend to make the required payments or complete the project. The authority requests that Currie & Brown create a report detailing the number of projects that are unfinished and unable to be delivered.

The developer has failed to complete the project and is no longer in a position to deliver if a third party right has been created in an unfinished project. When such developments are cancelled, the administration will ensure that homebuyers receive a reimbursement from the developer, according to a Greater Noida authority official who declined to give his name.

According to the authority, it will compel the developer to form an escrow account so that customers can be guaranteed they'll get their money back.

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