The Authority aims to recover around Rs 468 crore dues through the scheme, which includes waiving off penal interest on the defaulted amount and additional compensation charges.
The government may either have to rationalise interest rates on builder dues or give them a moratorium. This would mean having to forgo some portion of the accumulated builder dues.
Builders said the registration of flats has been delayed due to a variety of issues, such as pending payments from homebuyers, some homebuyers living abroad, NOCs from banks not having come in, and some flats remaining unsold.
Though the approval has been given for the registry of these flats, the buyers are deprived of ownership rights as builders are not getting these registries executed.