82 housing projects in Gr Noida ‘critical’

The condition of 82 housing projects in Greater Noida is critical, a top official of the city said on Monday, sending alarm bells ringing for home buyers in the wake of issues affecting the real estate sector in the national capital region.

“Developers of 82 housing projects haven’t submitted their action plan as of delivery of their respective housing projects,” Greater Noida Authority (GNA) CEO Debasish Panda said.

“We are giving them another deadline and have scheduled a meeting with all builders, including these 82, on August 25. If they fail to submit an action plan by then, they will face legal action,” he said.

Panda, however, refused to share the names and details of these builders or their projects.

Currently, about 203 housing projects are being constructed in Greater Noida and the crisis comes in the wake of insolvency proceedings initiated against Jaypee Infratech’s 27 housing projects for defaulting on approximately ~526.11 crore loan.

The National Company Law Tribunal has also admitted an insolvency plea from Bank of Baroda against Amrapali Group’s firms, Ultra Homes Private Limited, Silicon City and Amrapali Infra, which have projects in Noida as well. The move has triggered panic among home buyers, who fear they will lose the money paid upfront and not get the promised homes.

According to GNA, the builders cannot finish their projects due to financial reasons, but buyers have accused the builders of diverting funds collected from them.

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