Centre, UP Govt to Speed up Delivery of Nearly 3 Lakh Noida Flats

The issue of delayed flats was raised at a meeting between Piyush Goyal, Housing Secretary DS Mishra and PSBs.

Image used for representational purpose only.

(Photo Courtesy: Unitech Website)

The Uttar Pradesh government, along with the Centre, are eyeing un-utilised land available with developers of delayed projects in Noida and Greater Noida to speed up delivery of nearly three lakh apartments.

The plan also includes setting up a dedicated fund to release stress and hasten delivery of flats, The Times of India reported.

The issue was raised at a meeting between Piyush Goyal, Housing Secretary DS Mishra and public sector banks, as per sources quoted in the report.

The seed capital for the plan could be anywhere in the range of Rs 1,000 crore to Rs 2,000 crore, the sources said.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) had said in early January that at least 40,000 flats in Noida and Greater Noida were set to be delivered in 2019.

“We have started keeping a close watch on the progress of their construction, so that the builders meet the latest deadlines,” RERA member Balwinder Kumar had said, as reported by The Times of India.

Most of these projects are in their final stages of completion, he added.

Last week, the Supreme Court had refused bail to Unitech promoters Sanjay Chandra and Ajay Chandra in a case relating to alleged siphoning off the homebuyers' money.

Unitech is one of the builders behind projects with delayed flats in Noida.

A bench of Justices DY Chandrachud and Hemant Gupta had said that they have not complied with its 30 October 2017 order which asked them to deposit Rs 750 crore with the apex court registry.

Lodged in Tihar jail for over one-and-half years, the two have sought bail on the ground that they are complying with the apex court order and have deposited over 400 crore.

(With inputs from PTI)