Noida Authority Extends Waiver Deadline For Builders Until October 31; Tightens Action On Defaulters

The Noida Authority has extended the deadline for builders to avail the waiver benefits, granted under the Amitabh Kant Committee’s recommendations, until October 31. The earlier deadline of October 24 was pushed forward as bank closures during the Diwali holidays delayed payments.

Despite sufficient time being provided earlier, most builders failed to deposit the required amount. Under the waiver, homebuyers’ properties can be registered upon payment of 25 per cent of outstanding dues.

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A total of 57 builder projects are eligible for the scheme. Of these, 35 builders deposited the initial 25 per cent but have not paid the next instalment, while 13 builders have yet to make any payment. Another 10 builders, though they had opted for the waiver, have not deposited the amount at all.

So far, 3,724 flats out of 5,758 have been registered under the waiver, generating Rs 556.73 crore in revenue for the Authority. Builders now have until October 31 to clear dues and retain the benefits.

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Meanwhile, the Noida Authority is preparing to develop villages without demolition through a makeshift approach, and an elevated road along the Yamuna embankment is being planned to provide direct connectivity between Noida Airport, Delhi, and Noida.

In addition, the Authority is tightening its grip on errant builders, placing hoardings outside two societies, while a new rule for residential plot buyers is expected to increase tensions among property holders.