India's 35 pc stalled housing projects in Noida: White paper on homebuyers' issues
flats worth a total of Rs 1.18 lakh crore are in Uttar Pradesh's Noida and Greater Noida, according to a white paper released on Sunday. Besides, there are at least one lakh individuals who are still waiting to register their flats while nearly 60,000 others are yet to be handed flats long after their possession date, stated the white paper, issued by citizens' platform Noida Dialogue and private body Namo Seva Kendra.
BJP national vice president Gopal Krishna Agarwal on Sunday unveiled the 'White Paper on Homebuyers Issues in Gautam Buddh Nagar (Uttar Pradesh)' during a programme in Greater Noida West in presence of scores of aggrieved investors.
He called for resolution of the long-pending issues of homebuyers, emphasizing the action as suggested in the white paper would come from both the Centre as well as the Uttar Pradesh government.
«More than 850 residential projects have been inaugurated in the Gautam Buddh Nagar district since 2011, of which around 90 per cent of the projects come under the purview of Noida Authority, Greater Noida Authority, and Yamuna Expressway Development Authority (UP RERA annual report, 2020). Property consultant Anarock ranks Noida as the worst city in terms of projects stalled as 35 per cent of the stalled residential projects in the country are from Noida-Greater Noida region,» the white paper stated.
«Their analysis figures out that projects which comprise around 1.65 lakh units are yet to be completed fully and their combined value is worth as high as Rs 1.18 lakh crore. Our analysis on Uttar Pradesh's RERA report indicates that more than 50 per cent such projects are stalled for more than three years over the proposed completion time.
