A group of ministers in Uttar Pradesh, led by Noida SSP Love Kumar, directed the police to arrest 8 builders for not delivering 5,000 flats to home buyers. The order has caused panic in the already struggling real estate sector in Noida, Greater Noida and Yamuna Expressway, reported CNBC-TV18.
More than 1.6 lakh homes are yet to be handed over, for more than 2 years, to the buyers who have been struggling under the burden of both rent and EMIs.
The UP Chief Minister Yogi Adityanath in August had constituted a 3-member committee, including UP housing minister Suresh Kumar Khanna and state ministers Satish Mahana and Suresh Rana, to look into the issue after buyers were getting increasingly agitated over non-deliverance of purchased homes by builders.
The order came after a closed-door review meeting held by the ministerial committee in New Delhi on Monday, 4 December.
The Noida police in September had lodged 13 FIRs by home buyers against six builders in Noida, Greater Noida and Yamuna Expressway. The builders were booked under sections 406 (punishment for criminal breach of trust) and 420 (cheating and dishonestly inducing delivery of property) of the IPC.
As reported by CNBC-TV18, most of the flats are stuck as the builders are facing financial issues.
According to the Times of India, Greater Noida Authority officials told the ministers that they have already given possession of over 4,000 flats and that 9,671 are over 90 percent complete and should get completion certificates this month.
(With inputs from Moneycontrol and TOI)
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