New Delhi (Agency): A staggering 35 percent of India’s stalled residential projects, encompassing 1.65 lakh flats valued at Rs 1.18 lakh crore, are situated in Uttar Pradesh’s Noida and Greater Noida regions. This alarming statistic was highlighted in a white paper released by Noida Dialogue and Namo Seva Kendra, drawing attention to the pressing issues faced by homebuyers in Gautam Buddh Nagar.
The white paper, unveiled by BJP national vice president Gopal Krishna Agarwal, points to a troubling scenario in the real estate sector. It indicates that out of the more than 850 residential projects launched since 2011 in Gautam Buddh Nagar, around 90 percent fall under the jurisdiction of the Noida Authority, Greater Noida Authority, and Yamuna Expressway Development Authority. According to property consultant Anarock, the Noida-Greater Noida region ranks as the worst in the country in terms of stalled projects.
The report highlights the plight of at least one lakh individuals still waiting to register their flats and nearly 60,000 others who have yet to receive their flats long past the possession date. This situation places a dual financial burden on these buyers, as they continue to pay EMIs for their incomplete flats while also bearing the rent for their current accommodations.
The white paper, which gathers information from both public and private sources and incorporates feedback from homebuyers, aims to dissect the problem, its root causes, and offers potential solutions. It emphasizes the need for the stalled projects to be made attractive to future investors and points out the legacy issue of land allotment on lease by authorities to developers, which has been exacerbated by compound interest and penalties for default.
Agarwal noted that these are legacy issues from previous governments, and the current government is committed to resolving them. He highlighted the implementation of the RERA Act, Insolvency and Bankruptcy Code (IBC), and the SWAMIH fund by the BJP-led central government as steps taken to address these homebuyers’ issues.
The white paper serves as a critical analysis of the housing crisis in Noida and Greater Noida, offering insights and solutions to mitigate the woes of homebuyers. It underscores the need for a concerted effort by the government and stakeholders to navigate the complexities of real estate projects and ensure the timely delivery of homes to thousands of investors.