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Justice for Homebuyers — Noida Authority cracks down on defaulting builders to unlock stalled dreams.

Noida Authority to Auction Assets of Defaulting Builders Under Stalled Housing Policy.                                                                                                                      

The Noida Authority is set to take strict action against builders violating the Uttar Pradesh government’s stalled housing policy. The authority plans to attach and auction assets of defaulting developers who failed to pay their dues, preventing thousands of homebuyers from registering their flats. Out of 57 stalled housing projects, only 3,724 registries have been completed, while 5,758 remain pending due to non-payment of land costs. Introduced on December 21, 2023, the policy offered developers interest waivers if they paid 25% upfront and cleared the remaining dues within three years. However, several builders paid partially or stopped after the initial payment. Noida Authority CEO Lokesh M stated that the goal is to ensure homebuyers receive justice and their long-pending property registries are completed.