It was highlighted that only 22 out of 57 defaulting projects in Noida had accepted the rehabilitation package, which provides a two-year zero-period relief from April 2020 to March 2022, exempting developers from interest and penalties caused by Covid-related lockdowns. However, 29 developers, with cumulative land dues of around Rs 69 billion, have not yet taken up the package, leaving over 12,700 flats pending.

As reported earlier by TOI, Noida Authority is also considering filing complaints with the police's Economic Offences Wing (EOW) against developers for diverting funds received from homebuyers elsewhere.

The Greater Noida Authority also held a meeting on Friday, urging developers to clear their dues and expedite the registration process. Additional CEO Saumya Srivastava noted that, of the 98 defaulter projects, 13 builders had cleared their outstanding amounts, while 58 had paid 25% of their dues.

Srivastava added that a total of 71 builders had benefited from the policy, and permission had been granted for the registration of 9,558 flats in these 71 projects. During the meeting, builders were instructed to expedite the registration of remaining flats.

Builders have up to six months from the date of permission to complete the registration process without incurring a late fee. If they fail to deposit the 25% amount, their land allotments are at risk of being cancelled. Additionally, GNIDA plans to approach the EOW to request a forensic audit of defaulting projects.