Noida Authority Office. file photo
Kundan Tiwari, Noida. After losing the outstanding amount (about Rs 30 thousand crore) and land in Amrapali, Unitech, Supernova, Supertech projects, Noida Authority has now decided to present itself as co-developers in the apex court. Legal advice is being taken for this, after which it will present its stand afresh with strength.
Let us tell you that in all the cases related to builder and buyers dispute that have gone to the Supreme Court through the National Company Law Tribunal (NCLT), in all those cases, the Noida Authority has so far refused to consider it as 'financial credits' i.e. has not recognized the outstanding amount.
At the same time, the flat buyers themselves have started raising fingers on the construction quality of the projects for which they were given the responsibility to complete on the orders of the Supreme Court. To save this loss, Noida Authority is now making efforts in a new way.
Flat buyers will get homes
Officials say that now a major policy change is being seen in the cases of builders who purchased land from the authority and did not pay for it for years. So far, in many cases the apex court has refused to consider the authority as 'credits' i.e. has not recognized the outstanding amount.
Nor has he been in favor of giving extra chance to builders to complete the incomplete projects, but a third party is definitely being given a chance. Whereas in the current situation, Noida Authority can also get these incomplete projects constructed, although the claim has not been submitted. Whereas at present it also has a re-development policy. Now the authority can take legal advice and present its strong claim as co-developers in the court.
Authority officials have started brainstorming regarding this scheme. Till now the third party builder submits his resolution plan in the project in the court. It includes the price of the property, number of buyers, FAR of the flat tower, outstanding amount of the bank, after getting the project, it puts pressure on the same authority, so that the authority can legitimize its plans without paying dues, due to non-payment of dues, the authority is incurring huge losses. Whereas the authority collects money by selling the properties from which it develops the city. This includes roads, sewers, water, flyovers, public health facilities and others.
Due to non-payment of funds, these arrangements may come to a standstill, but the biggest benefit of the changed attitude of the authority is going to be given to those flat buyers who have been waiting for their dream home for years. If the authority itself completes the incomplete projects of the builder, the construction will speed up and the confidence of the buyers will return. The builder will get a clear signal that now there will be no relief from sitting on the dues, payment will have to be made or the projects will have to be handed over to the authority.
project status in noida
There is preparation to fight a fresh battle to protect our rights in the Supreme Court. Legal advice is being taken, after that steps will be taken.
-Vandana Tripathi, Additional Chief Executive Officer, Noida Authority
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