Three realtors on Wednesday have submitted applications under the Project Settlement Policy (PSP) that is aimed at addressing the issues of the realty sector in Noida, Greater Noida, and Yamuna Expressway areas. However, officials have sought precise details of their projects.
"But, they have not yet submitted precise details about their respective housing projects. I have directed them to make a detailed project report of each project and mention the number of home buyers who are getting affected due to this.
"We are also seeking the details of the payments they have received from these home buyers and how are they going to return their money," said Arun Vir Singh, Chief Executive Officer, YEIDA.
The realtors that have submitted applications are Logix build state, HC infracity and IITL Nimbus. The projects of these builders fall along the Yamuna Expressway that lies under the YEIDA.
Projects of Logix build state are located in 22D along the Expressway. The builder has submitted the application to surrender two plots measuring 100 acres each. The project of HC infracity lies in sector 22 covering a space of 100 acres while IITL Nimbus was allotted 100 acres in Sector 25 along the Yamuna Expressway.
Under PSP, it gives realtors an exit route from projects they are unable to execute.
A builder can exit a housing or commercial project in which construction on the allotted plot is yet to begin.
The policy was aimed to cut down the problems in realty sector as builders were unable to complete. The policy was aimed to cut down the problems in realty sector as builders were unable to complete their projects. The builders who are under huge debt to the authority and are unable to pay them, are using this policy to drawback hands from their responsibility of providing homes to lakhs of home buyers who have invested their lifetime savings into the projects.