A big problem has arisen for thousands of families who want to build their dream homes in Noida. The troubles of buyers investing in the projects of Supertech Group are not showing any signs of abating. Looking at the latest situation, flat buyers are holding their breath, because the burden of dues on the builder has increased so much that the registration process is on the verge of coming to a complete halt. Despite getting a house, the pain of not getting ownership rights is troubling thousands of people.
Huge dues of the authority have become a hindrance, uncertainty looms over the ownership rights of the houses of more than 4300 families.
The common man is suffering in this tug of war going on between the Noida Authority and the builder. If we look at the figures, the situation is very worrying. The total dues of Noida Authority on group housing and commercial projects of Supertech Group has crossed Rs 6000 crore. Due to this huge dues, the registry of more than 4300 flats is stuck. The authority says this outstanding amount includes land allotment cost, lease rent and increased interest due to non-timely payment. Unless this amount is settled, buyers are finding it difficult to get relief.
Highest financial burden on ‘Supernova’ project of Sector-94, liability of more than Rs 3700 crore on this project alone.
The most shocking figures in this list of dues are of Supertech’s ambitious project ‘Supernova’. Most of the authority’s money is stuck on this project located in Sector-94. The project was being developed on a plot of 70,002 square meters allotted in 2011. According to the report, the authority owes around Rs 3751 crore on the Supernova project alone. This is more than half of the total dues, showing how financial irregularities in one project have put buyers across the group in trouble.
For years, the authority’s action has been limited only to sending notices, common buyers are bearing the brunt of lack of strictness on time.
The helplessness and negligence of the system is clearly visible in this entire episode. Experts believe that such a huge amount has not been deposited in a single day. In the last several years, Noida Authority has issued notices to the builder to recover the dues, but no strict action has been taken on the ground. If strict steps had been taken in time, the dues figure would not have reached Rs 6000 crore today. The result of this laxity of the authority is that today thousands of middle class families, who have invested their lifetime earnings in these flats, are forced to visit offices for the registration of their own house.
