The homebuyers of Wish Town project by Jaypee have been informed by the developers that the construction is going on in full swing in the township. On the other hand, it has said no to the investors who want to quit the project at this point of time.

During the three-party meeting that was held between the homebuyers, developers and the officials from Noida Authority, the representatives of Jaypee Group have confirmed and assured that the construction work has resumed in Wish Town. The company has said that it will look into the concerns of each and every buyer individually.

However, they have clearly mentioned that they are in not in a position to refund the money to homebuyers who want to quit the project. According to the Director of Jaypee Infratech, the financial restructuring of Jaiprakash Limited (who is the promoter of Wish Town) is being done. The amount of Rs.600 crore, which they have received after selling the cement business, will be used for the completion of Wish Town.

The toll for the Yamuna Expressway will be monetized by Jaypee and the rest of the amount will be raised to complete the development of Wish Town.

The developers of Jaypee have also said that they will submit a completion schedule of all projects to the Noida Authority by 31st May.

The builders, whose projects were delayed due to the legal battle on the eco-sensitive zone in Okhla (around Okhla Bird Sanctuary), are likely to receive some relief on interest from the Noida Authority.

Although, the relief on the offer is much less than what the real estate companies had requested for.

The board of Noida Authority has given a green signal to the ‘Zero Period’ of 75 days, from 14th August 2013 to 28th October 2013. The interest on land allotment for this period will be overlooked. The penal interest which was charged for legal battle of two years and also the development in the eco-sensitive zone is also likely to be waived off.

Around 50000 homebuyers were impacted by the stay which had been put. The waiver relief will benefit up to 20 residential projects developed by different real estate companies.

The proposal of the waiver has still not been implemented as it is awaiting the approval from the CEO of Noida Authority. CEO and the planning department are analyzing the proposal to confine the area to come under the relief and also the number of builders who fall under the confined area. The free extension period for the development of a project was hindered during the stay, but once the proposal gets approved, developers will be able to avail the same.

However, the condition on which the builders will be provided the waiver is that they will share the benefits with the homebuyers. For this, the builders will have to submit an affidavit that they are doing this. And if the Authority comes to find out that the builder is not fulfilling the commitment, the benefit would be cancelled.

The three authorities in the district of Gautam Budh Nagar – Greater Noida, Noida and Yamuna Expressway will be conducting a meeting on Tuesday to sort out the problems between the homebuyers and developers in the three areas.

As per the officials, state government has given the instructions to hold this meeting and the Authorities are following the same.

Moreover, the officials have informed that the Local Intelligence Unit (LIU) of the district has also given a report to the state government. The report warns the government of the situation of law and order created by the troubled buyers.

Thousands of homebuyers have been facing trouble and thus are fighting against the delay in possession by the builders. Numerous builders have failed to pay the outstanding dues to the concerned authorities which has ultimately resulted in delay in the delivery of residential units. In the end, it is the homebuyers who are suffering.

A few days back, the agitated homebuyers had blocked the entire Noida-Greater Noida Expressway in protest and an ambulance got stuck in the incident.

Although, the residents of Fresco in Nirvana Country, Gurgaon, got their possession seven years ago, but they are still deprived of the basic facilities like proper drainage and water supply.

As per the residents of Fresco, the developer has yet not received the occupancy certificates, therefore, HUDA is not supplying water connections and MCG is not bringing the society under its maintenance.

The residents have discussed the matter with the authority asking for canal water supply to avoid using the groundwater, but all efforts were unsuccessful.

Moreover, there is no system made for storm-water drainage, sewage treatment and rainwater harvesting in the society.

All the basic amenities, which the society is lacking, depend upon the Occupancy Certificate which has been withheld by the authorities because of some default in formalities from the developer’s end. Things will not improve till the time the OC is not issued.

However, several notices have been issued to the developer regarding the matter. But all notices will be futile if they are not backed up with strict actions from the authorities.

Senior Town Planner (STP) had summoned a meeting between the residents and the developer in April. In the meeting, the developer said that it had made an application to HUDA to get a water connection of 900KLD. But, the connection is still not there because of occupancy certificate not being issued.

The officials of HUDA have said that they are considering the issue closely. According to them, the reason for their pending OC is the non-payment of license renewal fee. They are trying to speed up the process with the help of the residents and developers.

On Friday, all the details of the defaulting builders was uploaded by Noida Authority on its website for the homebuyers’ benefit.

Homebuyers have been asking for this task of uploading the list of defaulting builders on the website for five years. This will help the prospective buyers to be completely aware and informed before taking the decision of buying a flat.

Out of the total 91 projects launched Noida by 65 builders, 75 projects are at default. The details of all such defaulting projects along with the amount of land dues to be paid to the Authority are uploaded on the website.

Total amount of land dues which the builders owe to the Authority is Rs.9993.10 crore, which also includes the interest because the installments were also not paid by the builders.

Moreover, if the builders are not able to clear the dues, their names will be put on hoardings on the major roads of the city.

The list of defaulting builders with respect to residential, commercial, industrial and institutional land in Noida is still to be uploaded. As per the officials, the list will be uploaded soon as all the details are ready.

In the past five years, the homebuyers were not heard when they demanded the names of defaulting builders to be publicly announced. Now, they are considering this action to be futile as thousands of homebuyers already have their lifelong savings stuck in delayed projects.

The list of defaulting developers in Noida is prepared according to the data till 31st March, 2017. Click here to check the list.

A private agency will be hired by the Noida Authority for supervising and examining the residential projects as hundreds of homebuyers are still waiting for their flats to be delivered.

On Friday, an Expression of Interest (EOI) was requested by the Authority for appointing a private agency to look into the issue delayed project or even the ongoing ones. The main motive of this agency will be to get the flats delivered as per the time promised by the realtors.

The private agency will play the role of a consultant for Noida Authority. The aim behind forming the agency is to encourage homebuyers by alleviating the challenges they face in getting the possession and also to recover the dues of Noida Authority. Three party meetings have been conducted between the authority, homebuyers and builders for quite some time now. Many builders have provided the authority with a time-period, road-map and schedule explaining how the units will be delivered to the homebuyers.

The private agency will have to ensure that all the builders are working properly for the timely completion of the project.

Some agencies which have sufficient experience in real estate and housing have been asked to submit the applications by 5th June. These interested agencies should have suitable potential in the field of taxation, standard operating procedures, housing, financial and legal, along with an experience in examining the ongoing projects.