Relief for 20,000 homebuyers in Noida as builders clear dues

Nearly 20,000 homebuyers at stalled projects in Noida and Greater Noida stand to benefit after builders took advantage of the amnesty scheme to clear their dues to the authorities, paving way for registry of the flats.

The Noida authority has said that there were 57 stalled projects in its jurisdiction, of which 33 have paid partial dues availing the benefit of the scheme.

The builders have paid ₹534 crore to the authority.


In Greater Noida, there were 98 stalled projects and 77 have availed the benefit of the scheme. The authority has so far received ₹1,014 crore and will get ₹1,800 crore once all dues are cleared.

The Noida and Greater Noida authorities decided to initiate police action and seize properties of builders who have not participated in the scheme and have already recommended over a dozen cases to the economic offences wing.

Recently, the Noida authority sealed the unsold land of the Omaxe Group, as the company has outstanding dues of ₹457 crore.

Property developers are estimated to owe as much as ₹40,000 crore to the Noida, Greater Noida, and Yamuna Expressway authorities, including premiums, interest, and penal interest against allotted plots on which real estate projects are currently in various stages of execution.

According to the proposal, builders availing themselves of the policy will not be allowed to charge any extra interest from buyers, ensuring that the financial benefit provided by the government is passed on to homebuyers.