May 18 2017
The dispute between Real estate developers in Noida and thousands of homebuyers may soon end if the Greater Noida Industrial Development Authority gets it way. On Saturday last, the GNIDA held a meeting with fourteen builders. At the end of the meeting, the builders submitted a roadmap which they would follow to hand over the unfinished units to homebuyers.
Outcome of Meeting Between GNIDA and Builders
In the meeting concerns were relayed to the builders by GNIDA regarding the unfinished residences. GNIDA set the agenda in the meeting by following which it demanded a committed timeline from builders according to which the date by which the unfinished housing units would be completed was scheduled. It was reported after the meeting that the builders assured the CEO of the Noida Authority that nearly 7,200 flats would be handed over to owners by December of this year.
According to the officials of the GNIDA, they will closely monitor a submitted roadmap that was handed over to them by the builders in the meeting. The submitted road map includes details of when and how units will be handed over to homebuyers. The CEO of the Noida Authority also revealed that many of the builders had also raised their concerns in the meetings. While keeping in mind foremost the interests of homebuyers, the Noida Authority CEO stated that the genuine concerns of builders would be resolved a soon as possible.
What Happened Behind Closed Doors
In the meeting on Saturday, Noida Authorities and the cities builders together reviewed the status of 14 different Residential projects in Noida. During the course of the meeting, the builders shared a detailed report about each individual project including how many units a project had, how many units had been booked, the number of projects that had been sold, number of unsold projects, the likely date owners would gain possession of their unit, and whether the homebuyers had applied for the Project Settlement Policy and the Rescheduled Payment Plan.
Over the Horizon
Each of the fourteen builders have provided the Noida Authority with a written commitment which states that every project will be taken up and that the builders will find solutions for completion of the project. The solutions regarding the occupancy certificates that are to be provided to homebuyers shall be taken up at the individual level for each project. According to officials employed with the Noida Authority, builders are being directed to deliver projects without any delay.
If things go as planned by the Noida Authority, it will result in the addition of several hundred or a few thousand new denizens to Noida's growing population. The completion of the unfinished properties in Noida by December of this year should be possible if builders are kept on a tight leash by the Noida Authority.