The Yamuna Expressway Industrial Development Authority (YEIDA) has paved the way for the execution of nearly 4,000 registries and provided ownership rights to as many homebuyers. This follows an agreement by at least three developers who have agreed to pay an initial 25 percent of their dues to the authority, officials aware of the matter said.
The builders have agreed to avail the benefit of the UP government’s scheme to revive stalled projects drafted on the recommendations of Amitabh Kant Committee on stuck housing projects.
Officials said that the developers who have agreed to pay 25 percent of their dues include ATS, Greenbay and Logix. These real estate group housing projects are located along the Yamuna Expressway near the Formula One Budha International Circuit and Jaypee Sports City. These projects are located in proximity to the upcoming Noida International Airport in Jewar.
They said that thousands of homebuyers have been waiting to get ownership rights in these projects as registries were stalled by the YEIDA for non-payment of dues by builders.
“Now the promotors of these projects have agreed to pay 25 percent of their dues under the UP government’s scheme. After payment of the initial 25 percent amount, registries in these projects will be opened which is likely to benefit around 4,000 homebuyers,” a senior YEIDA official told Moneycontrol.
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According to officials, developers owe around Rs 44,700 crore to the authorities in Gautam Budh Nagar, around Rs 26,000 crore to the Noida Authority and about Rs 14,000 crore to the Greater Noida Authority. The dues for the YEIDA stand at Rs 4,700 crore. These three developers will pay around Rs 150 crore- Rs 200 crore to YEIDA, they said.
The Union government, in March 2023, had formed a 14-member panel headed by former CEO of NITI Aayog, Amitabh Kant, to address the issue of stuck housing projects. The committee submitted its report in August 2023 and it was sent to states. The Uttar Pradesh government approved the recommendations of the panel on December 19, 2023.
Under the rehabilitation package, the Yogi Adityanath government provides zero periods to developers where penalties and interest are waived, payment of recalculated dues rescheduled so that registries can be executed at the earliest and implementation of co-developers’ policy to complete stuck housing projects.
Officials said plots were allotted to these developers in sectors 22 and 22D along the Yamuna Expressway but land dues were not fully cleared. There was no immediate response available from the builders. The copy will be updated after receiving a response.
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