The wait of homebuyers in Noida and Greater Noida will end soon as authorities, banks and builders struck an agreement to find out a way to push stuck up housing projects in the region.
A plan to resolve the logjam between stakeholders of group housing projects in Noida, Greater Noida is expected in two weeks.
A senior Uttar Pradesh government officer on Monday said a meeting of Noida Authority, Greater Noida, bank representatives and real estate developers was held here on May 20 to discuss an action plan for "stuck up" housing projects in the region.
During the meeting, some of the bankers also expressed their concern over the region's "declining feasibility" in terms of investment in future, an official, who attended the meeting, told PTI on condition of anonymity.
According to official estimates, over 100 housing projects in the twin cities of Noida and Greater Noida are stuck or have been delayed, impacting lakhs of people.
"A lot of housing projects in Noida, Greater Noida have been stuck for a long time. Home buyers in many projects which have been delivered are awaiting registry of the homes for a long time," the official said.
"The logjam largely is due to builders not clearing the dues that owe towards the local authorities because of which the whole process for registry of individual homes is stuck," the officer explained.
UP Industrial and Infrastructure Development Commissioner (IIDC) Manoj Singh said the meeting was held to discuss the stuck-up projects.
"Noida has been an important region for investment not only in the state but in the country in recent years," Singh said, adding that the logjam and concerns of financial institutions were taken up during the discussions.
"We have discussed the stuck-up projects and in two weeks we will come up with a plan to resolve the logjam," Singh told PTI.
(With PTI inputs)
