Noida Authority has granted a month-end deadline, expiring on August 31, for 14 defaulting developers to create escrow accounts in a bid to recover outstanding dues. Six developers have already complied by initiating such accounts. This initiative, enforced after 59 developers owing a combined Rs 7,000 crore were asked to establish escrow accounts two months earlier, aims to prevent funds diversion. CEO Lokesh M underlined efforts to address builder-buyer concerns and warned of recovery certificates if dues aren't cleared. Additionally, the Authority seeks to oversee the Ganga Jal project, introduce electric buses, and advance elevated road plans.
In a bid to recover outstanding dues from builders, the Noida Authority has set a final deadline of August 31 for fourteen defaulting developers to establish escrow accounts. The move comes after six developers have already complied and opened such accounts with the Authority.
Approximately two months ago, a group of 59 developers owed a collective sum of Rs 7,000 crore to the Authority. They were instructed to initiate escrow accounts, which would be jointly operated, to prevent the diversion of funds collected from homebuyers to other projects.
Authority CEO Lokesh M announced the latest deadline last week, emphasizing the ongoing efforts to address builder-buyer concerns. A meeting had taken place earlier this month where representatives from 24 development firms were urged to clear their dues; otherwise, the Authority warned of issuing recovery certificates against them.
Additionally, the Noida Authority is in the process of assembling a committee comprising senior officials to oversee the implementation of the Ganga Jal project, which aims to provide a daily supply of 37.5 cusecs of Ganga water. However, the project is encountering challenges at multiple locations.
Lokesh M underscored the necessity of a bus service within the city and disclosed plans to establish electric vehicle charging stations at the Sector 82 bus stand. The Authority is working in collaboration with the state government to introduce electric buses for the city's public transportation, with a formal request pending government approval.
Turning to infrastructure developments, the proposed Chilla Elevated Road is progressing as the UP State Bridge Corporation Ltd (UPSBCL) is set to present a construction model capable of accommodating heightened costs. Following this presentation, a tender process will be initiated. Furthermore, the Bhangel Elevated Road project has encountered an additional demand of approximately Rs 150 crore due to increased GST and construction material expenses. To address this, the Authority is preparing to allocate an additional budget of at least Rs 100 crore.
On a different note, the Noida Authority is poised to send a communication to the state government to initiate the financial bid for a heliport in Sector 151A. The heliport project, envisioned under a PPP (public-private partnership) model, has seen a Bangalore-based company qualifying in the technical bid. The estimated cost for the heliport's construction is Rs 43.1 crore.
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