7 G.Noida builders to rework project settlement policy

At least seven builders in Greater Noida on Wednesday have agreed to reschedule their policy under the project settlement policy, making thousand of home buyers, who have been incessantly lodging in protests against the continuous delay in getting possession of theirs home booked with several builders in the city.

Over five thousand buyers are likely to get their dream homes soon as the seven builders have agreed to change their policy and rescheduling it under the project settlement policy.

"We have received a positive response from seven builders, who have their projects across Greater Noida. They have agreed to pay 25 per cent of the debts to resume the construction work at their sites," said a senior official from Greater Noida Authority.

According to the official, a team will monitor the progress of work at their sites and will also ensure that they deliver the possession of homes within the promised time.

"The builders who have applied and agreed to reschedule its policy are SJP infracom, Ratan buildtech, Saya homes, Mu homes, Parasu Infratech, Daar and RG homes," said the official.

The home buyers in Noida and Greater Noida have been suffering by the huge delay in the possession of their homes since past six to seven years. Repeated protests by the home buyers against the builders and raising their issues with the government officials were witnessed commonly.

Taking note of the growing problem, the Uttar Pradesh government directed the three authorities of Gautam Buddh Nagar to come up with a solution to dissolve the issues between buyers and builders.

Following the directions, the Greater Noida Authority declared 90 builders as defaulters and issued notices to freeze their construction work at their sites.

These builders are under huge debts to the authority and repeatedly failed to pay the installments even after receiving several notices.

The authority introduced project settlement policy for such builders in order to provide a reprieve to the homebuyers.

Under the policy, the builder can pay 25 per cent of the total outstanding amount to resume the construction work at their sites.

The remaining can be paid to the authority in installments and the money will be deposited in an Escrow account which will be linked with the authority.