Builder’s NOC must for buyers to pay lease rent? YEIDA to take call at meet, ET RealEstate
NOIDA: Yamuna Expressway Industrial Development Authority (YEIDA) is likely to table a proposal at its next board meeting to make it mandatory for builders to bear all costs related to common area and not transfer the amount to homebuyers.
Most group housing projects in YEIDA area are incomplete because the Authority needs to collect Rs 4,000 crore from developers in total. To facilitate the buyers, YEIDA has made a provision that allows them to pay lease rent and additional farmers’ compensation directly to the Authority. But for this, the homebuyers need to get an NOC from builders. In Noida and Greater Noida, however, there is no provision for direct payments by homebuyers.
Officials said most buyers have not managed NOCs from their developers, many of whom have been demanding that customers pay for common area amenities and penal interest too, if any.
Sources in the Authority said the board would take a call on whether to do away with the provision of taking an NOC from the builder or initiate talks with realtors. The meeting is scheduled for later this month.
A total of 37 agendas will be placed for discussion at the meeting.
Among other issues, the board will consider extending the deadline for plot owners to complete construction by this year. Officials will also take a call on whether to partially cancel the lease deed of builders who did not opt for the govt’s rehabilitation package for stalled projects in the state.
YEIDA is also likely to make contractors responsible for executing a project liable for its maintenance too for five years. As of now, there is no mechanism to ensure proper maintenance of civil work by agencies that have constructed them.
A plan to construct two ramps to Film City from “23km” on Yamuna Expressway will also be discussed. The project — to be built for Rs 20 crore — will provide direct connectivity to residential sectors 18 and 20 too.
Various land allotment schemes, including those related to 6,000 plots of 30sqm size, and milk and vegetable booths in residential sectors, will be discussed as well. A proposal to hand over the construction of an interchange connecting the Eastern Peripheral Expressway with the Yamuna Expressway to NHAI will also be presented.
Officials will also initiate talks on Suraksha Group’s payment plan for the Authority. Suraksha, which has taken over Jaypee Infratech Ltd (JIL) projects, has proposed to pay Rs 490 crore as first installment for farmers’ compensation by Sept 30, instead of the required Rs 133.5 crore.
In return, the company has sought an assurance from YEIDA that it will not challenge the NCLAT order on farmers’ compensation, provide possession of all land acquired from farmers, and withdraw pending litigations against the erstwhile company, among other conditions.
YEIDA’s decision to infuse Rs 355 crore on its own will also be presented.
