55 builders agree to project settlement policy

With over 55 builders of Greater Noida (West) agreeing to the project settlement policy, the barrier in the completion of various projects will be removed with the involvement of the third party or co-partner investing on behalf of the transacting parties.

These builders have agreed to surrender their land which will be then completed by a co-developer.

However, a final confirmation from the authority is awaited over this. Once approved, the builders also have to agree with the re-schedulement policy under which they have to deposit 25 percent of their total debt to the authority before resuming their construction work. "55 builders of Greater Noida (West) have applied for the project settlement policy. These builders failed to start with the construction work and want to surrender their land which will involve a co-developer later. However, we are seeking precise details of their projects and a final decision will be taken after that," said a senior official from Greater Noida Authority.

The move is likely to provide a reprieve to over thirty thousand home buyers, who have been incessantly lodging their protest against the continuous delay in getting possession of their homes booked with several builders in Noida and Greater Noida (West).

Delays in construction of residential projects are witnessed since past six to seven years. Over two lakhs of home buyers are locked in the delayed projects across the twin cities of Noida and Greater Noida. mpost