Thousands await relief in stalled projects

Aggrieved homebuyers in the Noida and Greater Noida region have failed to get any relief from Noida and Greater Noida industrial development authorities under the Project Settlement Policy (PSP). During the Akhilesh Yadav regime, a project settlement policy had been approved to bring relief to thousands of homebuyers stuck in sick realty projects. However, as sources reveal, little has been done so far under this policy to give relief to buyers.

Under the policy, three options were offered to the sick realty projects. The developers, under the policy can either surrender the allotted land, introduce co-developers or reschedule payment to buyers against the allotment of land. Sources reveal that around 40 builders had in December 2016 applied to settle issues in their sick housing projects while around 20 realtors of Greater Noida had submitted applications under this policy that was approved by the UP government on December 13, 2016. No realtor applied under this policy in the Yamuna Expressway authority.

But shockingly since December 13, 2016, Noida, Greater Noida and Yamuna authorities have not resolved issues even in a single housing project thereby affecting homebuyers’ interest. “We have not disposed any case so far under the PSP. However, we have received nearly …read more