Reschedulement policy scheme for defaulter builders is a miserable failure
Builders show scant respect to the scheme and seem least worried about the hapless flat buyers
The Noida Authority, in order to recover the outstanding dues from defaulter builders, had been asked them to take advantage of the reschedulement policy scheme and come out of the defaulter category so that registries can begin in their housing projects.
Under the scheme, developers could pay up to 20% of the dues upfront, with the remainder due over a two-year period. So far, around seven to eight defaulter builders have shown interest in the scheme, and the Noida Authority has recovered nearly only Rs 50-60 crore through it.
The window to avail the reschedulement policy was open till March 31, 2023. Recovery of a meagre amount of Rs. 50 to Rs. 60 crore is evident of the scant respect shown to this scheme by the builders of Noida.
According to the Noida Authority, around 80-90 group real estate projects out of a total of 115 are designated as defaulters. Despite the fact that occupancy certificates have been provided to 47 societies, builders owe the authorities roughly Rs 40,000 crore, with the Noida Authority owing Rs 26,000 crore and the Greater Noida Authority owing nearly Rs 14,000 crore.
