Those who wish to buy properties in Noida and Greater Noida have some great news courtesy of the Noida and Greater Noida Development Authorities. Builders in Noida and Greater Noida may be required to return the land they have leased from the Noida Authorities to pay their pending lease dues and use the funds returned from the authorities to pay pending lease dues where there are other projects. The plan’s technicalities will be laid out over the next few weeks.
The Plan Seeks the Well-Being of Buyers
An important feature of the plan is that it does not intend to bail out the builders by giving them a method of procuring funds which they can use to complete projects. Rather its intent is to facilitate the completion of projects for the benefit of both buyers and builders by providing an avenue of procuring funds to builders. Builders in Noida may be able to break down their dues to the concerned authorities and receive funds in installments and complete projects in Noida and Greater Noida.
Homebuyers in Noida have been staging protests due to non-delivery of homes which in some cases have been delayed by over 9 years. Many such projects have been delayed due to the inability of builders to pay lease dues to the authorities of the twin cities of Noida and Greater Noida. The purpose of the plan is to keep buyers as the focal point and do what is necessary so that projects are completed in a timely fashion. As expected the builders are trying their best to find a way out of the situation.
What is the Situation on the Ground in Noida?
Approximately one lakh buyers are still awaiting the completion and handover of their projects. The plan to allow an additional avenue for builders to gain funds which may be used to complete projects is buyer and consumer centric. If approved by the state government the rule will reduce the lack of trust between buyers and builders and will likely lead to more new projects in Noida as buyers will feel comfortable paying builders when they are assured that the local authorities will do what is necessary to ensure timely completion of projects. The reason that more consideration is being paid to buyers is a result of a directive from the state government to reduce the trust deficit between buyers and sellers in Noida and Greater Noida
The Impact of the Plan
If correctly followed through and put into practice the plan will reduce the pain of a large number of people who want to buy properties in Noida. The reason for the decision by the authorities in Noida and Greater Noida has a lot to do with irate buyers who had recently pleaded with senior politicians concerning the delay in the availability of their property in Noida. Even some semi luxury flats in Noida had been delayed by builders. Many of those who had purchased such flats were prominent in their fields and could approach concerned authorities to addresses their grievances.