GREATER NOIDA: The Greater Noida Authority on Sunday decided to issue Recovery Certificates – an official legal order – to 14 real estate developers to recover ₹315.5 crore in land dues.
The move will help 8,856 homebuyers who are waiting for the registration of flats and their possession, which are on hold due to non-clearance of dues.
The defaulters had failed to even take the benefits of the Amitabh Kant Committee, which recommended waiving interest on dues if the realtor agrees to clear them.
“Even after the committee’s recommendations, 14 builders did not come forward to pay the dues or find a way out within the framework of the committee. They failed to deposit the authority’s dues. The District Magistrate has ordered the issuance of RCs (Recovery Certificates) against such builders to recover dues. We want to bring relief to homebuyers and resolve the issues,” said Saumya Srivastava, additional chief executive officer of the Greater Noida Authority.
A committee headed by the former chief executive officer of NITI Aayog, Amitabh Kant, was constituted by the Ministry of Housing and Urban Affairs in 2023 to address stalled real estate projects, and the Uttar Pradesh government implemented its recommendations in June 2024.
About 98 projects in Greater Noida were stuck, involving around 60,000 buyers. Acting on the recommendations, builders deposited ₹1,592 crore with the authority, enabling over 25,000 registries, the officer said. However, 14 promoters did not try to avail themselves of the benefits of the recommendations, nor did they deposit the dues.
HT reached out to the developers for comment but did not receive a response.
Confederation of Real Estate Developers’ Association of India’s Western Uttar Pradesh chapter president, Dinesh Gupta, said, “We will engage with these developers and try to find a solution so that the homebuyers are able to get their issues resolved.”