Builders of 9 projects urged to accept govt package, Real Estate News, ET RealEstate

March 4, 2024

<p>Representative Image</p>
Representative Image

NOIDA: Officials of the Yamuna Expressway Authority met the developers of nine projects and informed them about benefits of govt’s rehabilitation package. There are over 10,000 homebuyers in these nine projects, whose developers owe around Rs 4,800 crore to the Authority.

YEIDA chairman Anil Kumar Sagar held a meeting at Yamuna Authority last week to discuss the issue of implanting the rehab package with builders.

“The decision was made to have it reviewed once again by another third-party CA firm before urging builders to clear their dues. The dues have been calculated, and the list has been submitted,” an official said.

Builders were asked to also do the calculations at their own level so the recommendations could be implemented. If builders are ready to avail this benefit, then they will have to deposit 25% of the total revised dues. After this, the registration of flats will start.

The builders were also informed that the benefit of two years of zero period will be given due to the covid pandemic. With this, they can get up to 21% discount in dues.

There are a total of 13 projects in YEIDA, four of which are in courts — Three C, Jaypee Associates, Supertech, and Ajnara. These projects have an additional 4,662 flats.

Some of the biggest defaulters are SDS Infracon (Rs 621 crore), ATS Realty (Rs 650 crore), Orris Developers (Rs 795 crore), Sunworld Infrastructure (Rs 750 crore) and Greenbay Infrastructure (Rs 456 crore).

  • Published On Mar 4, 2024 at 08:43 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer