Are you still waiting for your flat in Noida..? This government company will help to complete the project..

If your flat has been stuck for years due to the builders of Noida or Greater Noida, then the Uttar Pradesh government's decision could be a relief for you. The high-level committee set up by the UP government has asked the government building, National Building Constructions Corporation, to find out the possibility of buying vacant flats of long-pending projects in Noida. Apart from this, the company has been asked to explore the possibility of selling these apartments so that the projects can be completed. Many of these projects are such that they are in the pipeline for the last 13 years and the homeboys are waiting for the status of their flat.

Sources told  that it will be started through the panel headed by the Union Housing Secretary DS Mishra. The panel will monitor the projects of Unitech, Amrapali, JP Group and 3C Company lying in areas around Noida and Delhi. Thousands of homebuyers are trapped in these projects and they are waiting for a position for years.

In addition to the Amrapali Group, several projects of JP Infratech are facing action under insolvency code. The committee has also asked National Building Construction to find out the options for better use of vacant space in these projects so that they can be completed. The government Navaratna company has been given the responsibility of joint survey of sites along with related institutions and has been asked to submit the report.

In many projects, the builders have stopped working for 3 or 4 years saying that government policies are responsible for this. But the homebears and the government have rejected these claims. Apart from this, due to slowdown in the market, the demand for flats has decreased and there is a problem getting loan from the banks.

There are several such projects, which are running behind the years and due to the customers taking loan with construction linked payment schedules, the funds are also being blocked by the banks. In the absence of work, builders are facing problems of cash flows in front of them. Last month, the UP government had constituted a panel, which has been given the responsibility of resolving the problems of about three lakh buyers. In this panel, representatives of State Government, Noida and Greater Authorities, NBCC and Representatives of lending banks have been included.

 

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