According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority.
According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
NBCC has completed 12 Amrapali projects in Noida and Greater Noida. Close to 6,000 units have been sold in the erstwhile Amrapali Group with a sale value of close to Rs 3,500 crore, officials said.
The rehabilitation package was recommended by the Amitabh Kant panel set up for the purpose and will benefit homeowners of close to 1.2 lakh units that have been given for possession but not registered. Once builders pay the initial 25 percent, the authorities will allow registries of flats that have been delivered but are yet to receive OCs.