Greater Noida Authority to Put up Arrear Figures on Hoardings Outside Housing Projects to Warn Buyers
Several of them have defaulted on the payment of the land cost, barring the 10% they are required to give as initial payment. So far, 203 builders reportedly owe the Greater Noida authority Rs 7,500 crore.
New Delhi: The Greater Noida authority has decided to display the dues owed by builders at their housing project sites. According to a Hindustan Times report, the authority will mention details of pending dues on hoardings outside the project sites to help homebuyers make an informed choice.
Chief Executive Officer of Greater Noida authority was quoted as saying that the decision was taken so that homebuyers are aware of the project’s financial status. Additionally, it will also push the builders to repay the dues.
Several of them have defaulted on the payment of the land cost, barring the 10% they are required to give as initial payment. As per the report, 203 builders owe the Greater Noida authority Rs 7,500 crore.
The move just days after the Supreme Court pulled the authority over the delay in completion of as many as 42,000 flats by the embattled Amrapali group. The authority is now planning to cancel land allotments to builders who fail to pay pending dues.
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