According to Hitesh Goel, the resolution professional (RP), the additional money to be paid to the Noida Authority, will be refunded once the firm handling the stuck housing projects gets more funds in future.
A section of home-buyers, however, are reluctant to pay this additional amount as they have already made their full payment to the realtor against their respective unit in a housing project.
Meanwhile, the Noida authority has said that in case the proposal by the RP does not put additional burden on the homebuyers or consumers, they can look into it.
Supertech Limited’s six projects — Romano and Capetown located in Noida, Ecovillage I, Czar and Ecovillage III in Greater Noida, and Upcountry in the Yamuna Expressway area, are being taken care of by the RP.
On March 24, 2022, the NCLAT appointed Goel to take control of Supertech Limited and take all decisions about the firm. Corporate insolvency proceedings began against Supertech Limited after it failed to pay ₹431 crore dues to the Union Bank of India.
Later, the matter reached the NCLAT that will hear the case on May 3, 2024 to decide the future course of action.
According to the Indian Bankruptcy Code-2016, the NCLAT holds powers to appoint resolution professional who revive a defunct company by inviting interested bidders, who want to take over and run the company.
There are 20 housing projects, including six in Noida and Greater Noida. Other projects are located in Gurugram, Meerut and Dehradun among other cities, said Goel.
In a message to the home-buyers of the Noida and Greater Noida projects, Goel has urged buyers to pay the remaining amount against their apartment so that the funds collected can be utilised for these projects.
He said there is also a proposal that if they agree, they can pay an additional amount even if they have cleared all dues against a unit, “so that we can raise funds to pay the authority’s dues and obtain permission for the registry”.
“We will give each buyer who will pay an additional amount a credit note so that once the financial condition improves the buyers can take their money back. This proposal is devised to make the registry happen because the authority is offering us a rebate on interest under a state government scheme,” the resolution professional said.
In these six projects, there are at least 5,000 home-buyers awaiting their registry and also completion of their apartments.
“And in the absence of funds, things are not moving. If we will be able to arrange the funds then delivery can be expedited. We had a meeting with the authority officials on this, and gave them a proposal that if they will offer the rebate on interest, we can start paying their principal amount to obtain the permission for registry so that the issues of the home-buyers can be addressed,” Goel informed.
He said that there are unsold units in each of 20 projects, which can be sold and we can raise around ₹8,000 crore in these 20 projects. However, the details as to how much unsold inventory in Noida and Greater Noida-based six projects are valued, was not readily available.
In the message to the buyers, for instance to Capetown society, the proposal suggested that each buyer will have to pay ₹750 per square feet additional fund if they want to obtain permission for the registry.
For a flat of size 1,300 square feet one will have to pay ₹9.75 lakh. And in Supertech Romano, each apartment owner will have to pay ₹8-10 lakh each for registration.
However, some residents said that they rejected the proposal outrightly because they found it illogical to pay an additional amount against their flat having already cleared all dues against the flat cost.
“We have written back to the resolution professional, objecting to the proposal because it is the duty of the state government and the Noida authority to make sure the registry happen when we have paid all dues,” said Arun Chauhan, a resident of CapeTown society who is living without registry for four years.
Lokesh M, chief executive officer, Noida authority, said if the Noida authority’s dues are paid then they can issue permission for the registry as per the rules.
“If the proposal by the resolution professional does not put additional burden on the homebuyers or consumer then we can work out and look into it. Let the Noida authority have a look at this proposal,” the CEO added.
Source: https://www.hindustantimes.com/cities/noida-news/noidaproposal-for-homeowners-to-pay-more-for-registering-flats-mooted-101714330339524.html
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