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Noida homebuyers seek govt policy to resolve issues of 30 stuck realty projects

Priya Singh | 2023-09-22

Several realty giants such as Jaypee Infratech Limited and 3C group are undergoing corporate insolvency resolution process (CIRP) before the National Company Law Tribunal
With the stalemate continuing, around 100,000 homebuyers or investors who have been waiting for over a decade to get their flats are now hoping that the government comes to their aid. (Sunil Ghosh
In the absence of a concrete policy to address issues of 30 stuck realty projects in Noida and Greater Noida, launched by developers who are currently facing bankruptcy proceedings, homebuyers are in a fix as they have no definite timeline as to when they would get ready flats or a refund of their money despite waiting for over a decade.
Several realty giants such as Jaypee Infratech Limited and 3C group are undergoing corporate insolvency resolution process (CIRP) before the National Company Law Tribunal (NCLT) and have admitted that they do not have the funds necessary to complete these projects.

With the stalemate continuing, around 100,000 homebuyers or investors who have been waiting for over a decade to get their flats are now hoping that the government comes to their aid.
Noida authority officials on Thursday said the Uttar Pradesh government may soon come up with a policy in this regard.

“A committee has recommended that a policy be formulated by the Uttar Pradesh government in this regard. The decision cannot be taken at the authority level and needs policy formation by the state government,” said Ritu Maheshwari, chief executive officer, Noida and the Greater Noida authority.