Noida: The Noida authority has stepped up action against eight builders for failing to deposit even 25 percent of their outstanding dues under a structured relief plan. With payments still pending, the authority has initiated proceedings to identify and seize unsold inventory and other assets, which will be auctioned to recover the dues.
₹28,000 crore dues across 57 projects, partial compliance by some builders
A total of 57 builder projects in Noida had outstanding dues of around ₹28,000 crore. To address this and facilitate property registrations for homebuyers, the government implemented recommendations of the Amitabh Kant panel. Under this framework, builders were required to deposit 25 percent of their total dues in the first phase to enable the registration process.
FCRF Launches Premier CISO Certification Amid Rising Demand for Cybersecurity Leadership
According to the authority, 22 builders have complied and deposited the required 25 percent. Another 14 builders agreed to the terms but have yet to make payments, while 15 builders have made partial deposits. The most serious concern remains with eight builders who have neither agreed to the terms nor made any payments.
Notices have been issued to these builders, and the authority has begun identifying assets linked to their projects. Officials indicated that unsold units and other properties will be sealed as part of the recovery process.
Nearly ₹2,000 crore pending, delay impacts thousands of homebuyers
The eight builders collectively owe nearly ₹2,000 crore. In the first phase, they were required to deposit 25 percent of this amount, estimated at ₹251.40 crore. Had this payment been made, around 533 homebuyers could have completed their property registrations.
Data from the authority shows that if the builders had cleared ₹1171.94 crore in full, approximately 2,123 buyers could have benefited through completed registrations. The delay in payments has left a large number of buyers waiting, adding to uncertainty around these projects.
Across these eight projects, a total of 10,328 units have been sanctioned, of which 9,348 units have been constructed. Occupancy certificates have been issued for 4,850 units, and 3,839 units have already been registered. However, a significant portion of work and formalities remains incomplete.
Seizure of unsold units to precede auction as recovery process begins
The authority has already installed warning boards at project sites and is preparing for the next phase of action, which includes seizure of assets. Once the assets are secured, unsold units and other properties will be auctioned to recover pending dues.
Builders facing action include MPG Realty Private Limited, AGC Realty Private Limited, Manisha KB Project Private Limited, IVR Prime, RG Residency, Gardenia India Limited and Futech Shelter Private Limited. The outstanding amounts for these firms vary and have been calculated based on the panel’s recommendations.
The authority maintains that the move is essential not only for recovering dues but also for providing relief to thousands of homebuyers whose registrations have been pending for years. Further action is expected in the coming days as efforts continue to resolve long-pending issues in the real estate sector.
