By Our Special Correspondent
New Delhi, November 27: A white paper on stalled realty projects has claimed that around one lakh homebuyers are waiting more than ten years to get their flats. The white paper has also claimed that the combined value of the stalled projects in Noida and Greater Noida areas are valued at Rs Rs. 1.18 lakh crore.
Anarock property consultants have ranked Noida as the worst city in terms of projects stalled as 35 per cent of the stalled residential projects in the country are from Noida and Greater Noida region. Their analysis figures out that projects which comprise around 1.65 lakh units are yet to be completed fully and their combined value is worth as high as Rs. 1.18 lakh crore.
A white paper brought out by the BJP leader Gopal Krishna Aggarwal said that nearly 60,000 others are yet to be handed flats long after their possession date. “These buyers have a twin financial burden on their shoulders – continue paying EMIs for their incomplete flats and bear the hefty rent of their houses where they stay at the moment,” said the white paper.
The report also said that Uttar Pradesh’s RERA report indicates that more than 50 per cent of the stalled projects are stalled for more than three years over the proposed completion time. As many as 27,992 complaints from home buyers have been registered in the UP RERA portal, recording the highest in the country as of 2020.
The wgite paper said: “A large number of homebuyers are in a fix due to stalled and delayed projects which has postponed their ownership of their dream homes. Even a refund of their money hasn’t been sanctioned for more than ten years despite them approaching concerned authorities through various forums. The main culprits behind the grim situation are 30 real estate projects in Noida and Greater Noida that were started by developers between 2006 and 2014 and are facing bankruptcy today.”
More than 850 residential projects have been inaugurated in Gautam Buddha Nagar district since the year 2011 of which around 90 percent of the projects come under the purview of NOIDA, Greater NOIDA, and Yamuna Expressway Development Authority, added the report.
It also stated that “a number of fly by night operators jumped on to the real estate bandwagon when the going was good and the regulation was minimal. The developers managed to get possession of the land on part payment of the total value, announced projects on such land and collected huge sums from home buyers, in the form of ‘pre-launch’ and ‘launch’ of projects.”
Homebuyers of Gautam Buddh Nagar have been fighting for many years at multiple forums, even in the Supreme Court. There are a large number of cases that are pending, people are patiently waiting to get their houses built, and get their promised homes.
The real estate markets of Noida and Greater Noida have grown to be favourites for both developers and consumers due to lack of options and high property cost in Delhi and Gurgaon. In comparison to other areas in the NCR, the twin cities of Noida have Greater Noida have received more attention because they offer abundant options, affordability, and ongoing price appreciation
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