With the realty market unable to recover from the slump, 60 developers from Noida and Greater Noida are keen to give up lands allotted to them, as allowed under the 2016-introduced Project Settlement Policy.
Sixty developers from Noida and Greater Noida have offered to surrender plots allotted to them. The builders have applied for PSP (Project Settlement Policy) to both Noida Authority and Greater Noida Authority.
The last one to do so was Wave Infratech Pvt Ltd (Ponty Chaddha Group). It submitted its application to Noida Authority yesterday. It is keen to surrender nearly 110 acres of the 152 acres of residential-cum-commercial land allotted to it in Sectors 32 and 25A of Noida.
In 2016, the Akhilesh-led government had come up with a Project Settlement Policy (PSP) to address multiple issues regarding delayed realty projects in the Noida and Greater Noida. According to it, the builder can quit the project if he still hasn’t begun construction.
If construction has been halted mid-way, another interested co-developer can be introduced to bail out the original allottee.
CEO of both the authorities, Amit Mohan Prasad, has confirmed that he will cancel the sick projects and allot the same to other willing builders.
Santosh Kumar, officer on special duty (OSD), Noida Authority, told City Spidey, “A notice has been sent out to financial institutions that had given loans to these developers. They have been asked to submit their objections in writing, if any, to the Authority by May 22. The Authority will take a final decision on these applications only after listening to the objections raised by banks or other financial institutions.”
