Builders to be fined for payment lapses in Noida

By Accommodation Times Bureau

It seems that the chaos is never ending in the NCR region even though when the NCR Planning Board has approved the Greater Noida Plan 2021. Noida Authority has now decided to be aggressive and withdraw all zero benefits from all those builders who have not over with their installments as it has failed and fed –up of getting a positive feedback from farmers and developers.

The Authority has also stopped the development work and disbursement of any compensation to villages that are agitating and halting the housing projects. Also it will issue a notice to default developers and has threatened that it will cancel their plot allotments.

Chandrakant Pandey CEO, Greater Noida Authority said that in spite of giving them many deadline the authority has still not get its 70% installments. “An amount of Rs 1,000 crore is supposed to be submitted by the developers, but only Rs 234 crore has been paid to the Authority,” Pandey said.

CREDAI (Western UP) vice president, RK Arora, said that earlier developers were waiting for approval of the master plan, but now the pace of development has been hampered due to dearth of funds. “Developers should submit their installments to speed-up development work and compensation distribution. Our body will also ask those to submit installments who have not paid so far,” Arora said.

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