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Exit strategy in the offing for area defaulters in Noida

May 6, 2016 | By

The twin powers of Noida and Greater Noida have sent a proposition to the Uttar Pradesh government looking for a way out strategy for allottees who default installment on their properties. Once affirmed, the allottees will have the capacity to surrender their property to the dominant presences in lieu of extraordinary duty. The proposition has been sent after a joint leading group of the two powers cleared it in March.


As indicated by authorities, the proposition has been sent to Mahesh Kumar Gupta, central secretary, framework and mechanical advancement, UP. “We held a meeting with the central secretary after the proposition was sent to the administration however a choice is yet to be taken,” said P C Gupta, extra CEO, Greater Noida Industrial Development Authority.

Gupta told that the approach – which permits defaulters to exit from their concurrence with the separate Authority – will permit defaulters to pay 10% of the aggregate stored sum towards the area they are holding, as punishment. Land worth the equalization 90% of the kept sum would then be permitted to be held with the allottee. Land staying after this exchange with the allottee would then must be surrendered to the particular Authority.

Authorities said the way out approach appeared in 2009 after largescale monetary lull. It was pertinent to property proprietors of modern, institutional, bunch lodging and business land. Be that as it may, the administration request issued at the time terminated at some point in March 2011.

From that point forward defaulters have had no real option except to pay their remarkable contribution or face activity from the separate powers including cancelation of their lease deeds and even seizure of their distributed area.

With the powers at their ties end in recuperating their levy and the allottees being not able pay back, the powers had conceived a center way by giving their gesture to the way out arrangement. In no time, Noida Authority should recoup a remarkable measure of about Rs 15,000 crore from more than 500 defaulters including bunch lodging, private, institutional, modern and business classifications of area use.

While Greater Noida Authority should recuperate Rs 7,000 crore, YEIDA is as of now managing a remarkable add up to the tune of Rs 2,000 crore.

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