GNIDA issues notice to 40 builders, seeks info
With an aim to safeguard the interest of both the buyers and builders, the Greater Noida Industrial Development Authority (GNIDA) launched the Project Settlement Policy under which the time for submitting the application was set to be one month. However, the policy will remain in action for the next six months only but the time limit for receiving the applications is one month. The Greater Noida Authority has sent notices to 40 builder groups asking them to submit their applications within the defined time limit or else the authority will cancel the land allotted to them.
The authority brought up the Project Settlement Policy (PSP) which aims to provide relaxation to both the buyers and builders. Except a few projects in Greater Noida, majority of residential and commercial flats are either incomplete or have not even laid the foundation stone yet. The policy favours such builder groups who are somehow failing to finish the work to get a co-partner and can even transfer the land to other builders. A builder can also return the land to the authority.
The authority has also sent notice to a builder group named Value Infrabuild Pvt Ltd in Greater Noida West regarding cancellation of land allotted and have asked to give the clarification within the next 15 days. However, this will affect more than 250 investors.
GNIDA allotted five acre of land to Value Infrabuild Pvt Ltd in Sector 12 of Greater Noida West. The group laid foundation of a residential project named Skywalk on the land and started taking bookings. Around 250 people booked their flats by investing more than Rs 20 lakh each. Even though the land was registered with the authority, construction work has not started yet. Moreover, the authority also has a remaining balance of Rs 13 crore on the builder and since last seven months, the builder is absconding from the site office.