Greater Noida Authority deputy CEO, Chandrakant Pandey, said that despite giving several deadlines to the developers working in Greater Noida West and other parts in the regions, the Authority did not get 70% due instalments. “An amount of Rs 1,000 crore is supposed to be submitted by the developers, but only Rs 234 crore have been paid to the Authority,” Pandey said.
“The developers who have not submitted instalments will not be allowed relief of the ‘zero period’. The Authority will issue notices to the developers and penalty will also be imposed on defaulters. If they do not respond, their plots will also be cancelled,” Pandey added.
CREDAI (Western UP) vice president, RK Arora, said that earlier developers were waiting for approval of the master plan, but now the pace of development has been hampered due to dearth of funds. “Developers should submit their installments to speed-up development work and compensation distribution. Our body will also ask those property developers to submit installments who have not paid so far,” Arora said.