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Dear ck.kislay,
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https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/noida-real-estate/47500-noida-city-real-estate-updates
Posted by: MANOJa
On: September 8 2017 08:29 AM
[h=1]Noida asks builders to join bailout package[/h] According to officials, two builders � Mahagun and Sharanam group � were called for a meeting on Thursday[URL="http://realty.economictimes.indiatimes.com/author/39625802/vandana-keelor"]Vandana Keelor[/URL] | TNN | September 08, 2017, 08:04 IST [URL="http://realty.economictimes.indiatimes.com/tag/noida"]NOIDA[/URL]: The [URL="http://realty.economictimes.indiatimes.com/tag/noida+authority"]Noida Authority[/URL] on Thursday started meeting [URL="http://realty.economictimes.indiatimes.com/tag/builders"]builders[/URL] to make them participate in a bailout package launched by it on August 24. As per the package, real estate projects in Noida will be given partial completion certificates for three months, from September 1 to November 30. This is being done to speed up the delivery of flats that are stuck as the cash-strapped developers are not able to clear their dues and get completion certificates. However, so far, not a single builder has submitted any application for participation in the plan. According to officials, two builders � Mahagun and Sharanam group � were called for a meeting on Thursday. �Mahagun group, for project Moderne in Sector 78, does not have any outstanding dues to the Noida Authority. It has already completed 2,284 flats in nine towers and has one more tower to complete with nearly 300 flats,� said A K Rai, additional CEO, Noida Authority. �We�ve asked the builder to apply for package so that we can issue partial completion certificate. Nearly 2,500 buyers will be able to get possession of their flats soon in the project,� he said. Similarly, Authority officials also met Sharanam group to discuss about its project, Great Value in Sector 107. �This builder has Rs 25 crore dues. However, five towers which have 396 flats are near completion. We�ve asked the builder to participate in the package so that buyers are able to get their houses,� he said. The officials will daily meet two builders of 23 projects identified by Noida Authority, which are almost ready for obtaining completion certificates, he said. The bailout package makes a developer eligible for temporary completion certificates even if it has paid only 10% of the total land cost to the Noida Authority. But at the time of registry of flats, a developer will have to pay another 65% of the land cost, which will be adjusted against each flat and a completion certificate will be given, which will allow buyers to register their property. Final completion papers will only be provided after all dues and licence criteria are fulfilled. [url]http://realty.economictimes.indiatimes.com/news/regulatory/noida-asks-builders-to-join-bailout-package/60418004[/url]
With warm regards,
Team IREF
With warm regards,
Team IREF
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