Lokesh M, the newly-appointed CEO of Noida Authority, met with over 24 real estate developers to address the whopping Rs 26,000 crore in pending dues and homebuyers' concerns. He has ordered swift action against defaulting builders, including issuing recovery certificates. Concerns about construction quality, parking, and waterlogged basements were also discussed. Builders have been given a deadline of August 26 to open escrow accounts as previously directed. This move underscores a commitment to transparency, accountability, and ensuring buyers receive quality homes.
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In an effort to resolve a massive Rs 26,000 crore in outstanding dues and address numerous concerns of homebuyers, Lokesh M, the newly appointed CEO of the Noida Authority, convened a crucial meeting with over two dozen prominent real estate developers this Friday.
Lokesh M, who assumed the role of the CEO just last month, conveyed his deep concern over the enormity of the situation. He has emphatically directed the initiation of firm actions against defaulting builders, including the issuance of recovery certificates for any unsettled dues on plots that have been assigned to them. To enhance transparency and accountability, he also stressed the necessity to publicize the details of these dues in newspapers. Further, he recommended that boards be placed at relevant project sites, detailing their respective liabilities to the authority.
Beyond financial discrepancies, the new CEO is also closely monitoring quality standards and buyer grievances. Numerous complaints have reached his office from apartment owners' associations (AOA) and individual flat buyers regarding substandard construction quality, parking issues, waterlogging in basements, and malfunctioning lifts. Lokesh M has explicitly stated that these pressing issues need to be urgently and proficiently addressed by the respective builders. "These problems should be swiftly tackled by the builder at his level, ensuring top-notch quality," he stressed.
For completed projects where an official AOA has been established, Lokesh M emphasized the necessity of transferring them for maintenance, in line with the guidelines stipulated in the UP Apartment Act of 2016.
Furthermore, a crucial matter raised during the gathering was the sluggish response to the directive issued two months prior. This directive urged defaulting builders and allottees to activate escrow accounts. A disappointingly meagre number of six builders have complied so far. Lokesh M has now set a fresh deadline for the remaining developers to notify the authority about their respective escrow account activations, giving them until August 26 to do so.
In conclusion, Lokesh M's proactive approach signals a new chapter in Noida Authority's dealings with real estate developers, emphasizing accountability, quality, and the pressing need to address buyer concerns. It remains to be seen how the real estate sector responds to these directives and if homebuyers will finally receive the quality and transparency they deserve.
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