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Noida Authority Publishes Details of 77 Percent Default Projects With Dues of Rs 26,000 Crores

By Rishabh Chamoli | 2023-05-08

In a recent standoff between the government and builders on pending dues, the problem is being faced by home buyers. The recent data updated on the Noida Authority website shows that the flat registry in the city is at a stalemate.

So far, only 40% of the flats have been registered for those sanctioned in 2016 to 17. The total flats sanctioned were 1.3 Lakh in 115 projects, and only 56,790 flats were registered. Out of the 115 projects, 89 were defaulters, i.e. 77%. The total amount due by the defaulters is around Rs 26,000 Crores.

Of the total defaulters, 24 have paid their dues, and two projects have been cancelled. Further, only 15 projects out of 24 have received the completion certificates. That makes it a total of 13% of projects that are sanctioned. 15 projects out of 89 are in the National Company Law Tribunal bankruptcy court.

Unitech is the biggest defaulter of all, as earlier it was promoted by Chandra and now is promoted by a government appointed board. The same is the condition with Amarapali, whose projects are being overseen by the Supreme Court. Together these two companies consist of 14 projects out of 89.

Unitechs dues are around Rs 9,760 to Rs 6,594 crores from projects located in sectors 96, 97, and 98. The amount due for a project in Sector 117 is around Rs 1,754 crores, and Rs 1,412 crores for sector 113 and 114 projects. The dues pending of Amrapali are around Rs 2,777 Crores. The projects that are in NCLT include names such as Supertech, Ajnara, 3C, and Logix. The amount owed by all the projects in NCLT is around Rs 4,732 Crores.

The 15 projects of Jaypee Infratech limited in wish town were not included in the list. There are around 30,000 houses associated with these projects and have not been counted because of the deal signed with Yamuna Expressway Industrial Development (YEIDA)

No new projects have been sanctioned in Noida from 2016 to 17 and 2021 to 22. The 46 residential projects sanctioned under the sports city scheme have not been considered. Registries are not possible till the time the sports amenities are not fulfilled.

Owing to such a situation, homebuyers cannot get the deeds for their properties. A completion certificate is issued for a project when it meets certain criteria, i.e. license conditions are met and amenities are complete. The Noida Authority has uploaded all these details on its website. These details will help people in tracking the projects they have invested in.