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Noida Action Plan to Resolve Issues with Stuck Up Housing Projects Soon

By Rishabh Chamoli | 2023-05-23

A meeting was conducted on May 20 to discuss an action plan for resolving the issues surrounding the stuck up housing projects in the area.

NOIDA A senior official from the Uttar Pradesh government has announced that a solution to the deadlock among stakeholders of group housing projects in Noida and Greater Noida is expected within a fortnight. In a meeting held on May 20, representatives from the Noida Authority, Greater Noida, banks, and real estate developers convened to discuss an action plan for resolving the issues surrounding the stuck up housing projects in the area.

During the meeting, certain bankers expressed concerns regarding the regions diminishing investment prospects in the future, as disclosed by an anonymous official who attended the gathering. Numerous housing projects in Noida and Greater Noida have been lingering unresolved for an extended period. Additionally, homebuyers in several delivered projects have been eagerly awaiting the registration of their properties for a considerable duration.

The official clarified that the main cause of the deadlock is the failure of builders to clear their outstanding dues owed to local authorities, which has resulted in the stagnation of the individual home registration process.

Manoj Singh, the UP Industrial and Infrastructure Development Commissioner (IIDC), emphasized that the meeting addressed the issues associated with the stuck up projects. Singh acknowledged the significance of Noida as a prime investment destination in recent years within the state and nationwide. The logjam and concerns expressed by financial institutions were thoroughly discussed during the deliberations.

In an interview, Singh said they will devise a plan to resolve the impasse within two weeks. Official estimates suggest that over 100 housing projects in Noida and Greater Noida are either stuck or experiencing significant delays, affecting the lives of hundreds of thousands of individuals.