Greater Noida issues recovery notices against three realtors; one pays dues
The authority last week issued recovery certificates against Elegant Ville Infracon having a project in Techzone-IV, Antriksh Valley with a project in Sector 1, and MSX Alpha Homes in Sector Alpha I
The Greater Noida authority on Tuesday said that one of three realtors facing recovery notices have come forward to clear their financial dues in order to become eligible for apartment registries, thereby bringing relief to homebuyers.
The authority last week issued recovery certificates against three realty firms -- Elegant Ville Infracon having a project in Techzone-IV, Antriksh Valley with a project in Sector 1, and MSX Alpha Homes in Sector Alpha I.
According to rules, after issuance of recovery certificate, the authority has the mandate to seize, take possession and auction the assets to recover its dues from the defaulter realtor.
“Fearing seizure of their assets after recovery notice, realty firm Elegant Ville Infracon came forward and paid ₹8.48 crore, which is 25% of their total dues against their housing project, and requested permission for registry. The other two realtors, Antriksh Valley projects and MSX Alpha Homes, are yet to come forward to clear their dues. If these two will not turn up, then we will attach their assets and take measures to recover the dues,” said Saumya Srivastava, additional chief executive officer, Greater Noida authority.
Elegant Ville Infracon builders is developing 768 apartments in sector Techzone-4, while Antriksh Valley is developing 1,194 units and MSX Alpha Homes is developing 187 units, said officials.
The authority issued recovery notices after the realtors failed to take the benefit of interest waivers under the state government scheme meant for ”stalled legacy housing projects”. Under the scheme, the realtor can pay 25% of the total dues after claiming waivers and pay the remaining 75% over three years. They would also get permission for registries.
“There are a total of 98 realtors who were to use the stalled legacy policy benefits. And so far, 73 made payments and got permission for registries. Twenty-two realtors have filed writs in Allahabad high court to evade coercive action from the authority. We have sought legal opinion from the state attorney whether we can take coercive action even if the matter is pending before the high court,” said Srivastava.
The Greater Noida authority has executed apartment registries of 30,477 units in 73 housing projects since December 21, 2023, when the state policy came into effect. And 8000 apartment registries will take place by March end, 2025, said officials.
The Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ lobbying group, said the authority must introduce co-developers to revive stuck projects, as last mile funding was an issue.
“The authority should rope in co-developers for stuck projects, where last-mile funding is delaying the housing project. Instead of coercive action, the authority should revive projects in order to deliver justice tp homebuyers,” said Dinesh Gupta, secretary, CREDAI.
Abhishek Kumar, president of Noida Extension flat owners welfare association said, “The Greater Noida authority must take prompt action to address issues related to delivery and registry because homebuyers have already suffered for so long.”
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