Noida Authority comes down on CREDAI
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Noida Authority comes down on CREDAI

At a meeting between Noida Authority and CREDAI, builders said they were unable to complete the construction work of their projects owing to financial crunch.

Noida Authority comes down on CREDAI

Noida Authority officials called a meeting with members of Confederation of Real Estate Developers Associations of India (CREDAI) today to discuss the issues being faced by homebuyers. The meeting was chaired by Amit Mohan Prasad, CEO of Noida Authority.

Builders told the officials that they were unable to complete the construction work of their projects owing to financial crunch.

Manoj Gaur, president of CREDAI, told City Spidey that the meeting was a success. "All builders have to submit their project completion plans to the authority within four days," said Gaur.

An Authority official told City Spidey that the builders had been told to submit a flat delivery plan for 3, 6 and 8 months.

Here are a few outcomes of the meeting:

  1. The builders will submit their project completion plans to the Authority within 4 days (by May 9).
  2. Jaypee Group, which has delayed the possession of a whopping 22,000 flats, promised to deliver 6,000 flats by October.
  3. After NGT's orders to stop construction, some builders have been asking for a zero period on interest amount. The Authority CEO will look into the matter and discuss the issue with the Uttar Pradesh government.
  4. In case the builder fails to adhere to their plans, the Authority will take strict action against them.

 

                                                                                                                                                    Photo: Avishek Dubey