NAREDCO-UP urges administration to not initiate coercive recovery action

New Delhi [India], April 10 : The National Real Estate Development Council-Uttar Pradesh (NAREDCO-UP) has urged the district magistrate of Gautam Budh Nagar to not initiate coercive recovery action prompted by the Noida, Greater Noida and Yamuna Expressway Authorities as also by Uttar Pradesh Real Estate Regulatory Authority (UPRERA), until the resolution on the basis of the findings and recommendations of the Amitabh Kant Committee.
These steps were taken against builders, like cancellation of land, to recover land dues.
NAREDCO-UP represents real estate developers having projects mainly under Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities, in Gautam Budh Nagar District.
In a letter to the district magistrate of Gautam Budh Nagar, the association wrote outstanding of land dues payable to Noida, Greater Noida and Yamuna Expressway Authorities from developers are on account of land disputes, National Green Tribunal curbs on construction, additional farmer compensation, liquidity crisis, corporate Insolvency Resolution Process and demand of huge time extension charges.
The association said the Union Housing and Urban Affairs Ministry had set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant, to study the problems being faced by the stalled Real Estate Projects and to suggest ways and means to revamp the same. The association also said it was also submitting their concrete suggestions for the same and the Committee is to submit its report within six months.
The association also requested to keep the same in abeyance at least till the resolution on the basis of the findings and recommendations of the Amitabh Kant Committee, as any coercive recovery would adversely impact the interests of approximately 2.50 lakh home buyers, apart from that of banks and financial Institutions.