Noida: The second wave of pandemic seems to have handled a heavy blow to the sick real estate sector.
In Noida, Greater Noida and Ghaziabad, for example, more than 100 realty projects currently function map sanctions and registration, according to Uttar Pradesh Real Estate Regulatory Authority (UP-Rera).
Affected is the lakh home buyer who has sank their life savings in these projects.
In fact, this builder was in a catch-22 situation because they did not have funds to pay their contributions to each industrial authority which their plans did not get periodic reviews.
With a plan that is not reviewed and labeled by the authority concerned, the officials said, up-ra also did not renew their registration without it they could not secure a loan to help resolve government debt.
Balvinder Kumar, Up-Rera Member, told TII, “This is a financial logography chain that has been deposited during the pandemic period, agreed to more than a hundred projects in Noida, Greater Noida and Ghaziabad.
We have started meeting this builder to secure their compliance but mostly Of they have liquidity problems.
We will find a way to help them get out of a narrow place through a bailout.
“With direct revival appearing uncontrollable, many builders can be on the verge of the main financial deficit, if the rera will be trusted.
Lakh buyer is affected because of this builder, said the Rera official.
Kumar said, “We have given two suggestions to builders.
Those who are on the verge of completion, we have asked them to complete construction and work to complete the completion and work certificate from the authorities.
Some of the contributions that can be recovered from buyers will help them In cash flow.
For those who are far from being completed, there must be a kind of bailout so that the home buyer does not suffer.
“According to RK Arora, the president of the body of Naredco-up builders, cash flows has always been a problem in this industry.
“It has increased during a pandemic.
Builders cannot regulate their financial commitments.
There is an urgent need for the government to help develop developers who lack cash, we have made many requests.” Kumar said that the builder had a one-year relaxation of registration validity and UP-Rera has provided an additional six-month exception for all major construction projects from March 2021.