Noida News: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has recommended the state government to delink penalties against developers in Noida and Greater Noida over unpaid dues and permit registration of more than 45,000 housing units that are complete.
Occupancy Certificates Withheld by Noida and Greater Noida Authorities
As per Noida and Greater Noida Authorities estimates, developers owe close to Rs 39,000 crore to them in dues, and the authorities have not issued occupancy certificates for completed projects unless developers clear their dues.
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A Step Towards Resolving Issues for Homebuyers
“We have made recommendations under Section 32 of the RERA Act to the state government and suggested the delinking of the registry from the no-dues certificate because real estate developers are facing a financial crunch. This can help resolve the issues for 165,000 homebuyers who have been waiting for so long. We have also suggested that the authorities can mortgage the personal assets and properties of the developers as a guarantee, so that the deadlock can be resolved and buyers get their homes,” Rajive Kumar, chairman, UP-RERA, told Moneycontrol
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