Homebuyers seek clarity on stalled projects

NOIDA: After a ministerial panel on Thursday proposed some solutions to aid completion of stalled residential projects in Noida, homebuyers expressed their concerns over the practical execution of some solutions.
While the real estate body Credai has indicated that responsibilities for completion of overdue apartments by Amrapali builders are likely to be taken up by them, buyers on Friday demanded clarity on the details of these proposals.
“Though it may seem that the relief has already been extended to the buyers, we’re still wary as the real implications on how these solutions will work will only become apparent after September 15. So we have requested the committee to disclose to the buyers the mode of funding for the completion of these projects,” said Shweta Bharti, general secretary, Noida Extension Flat Owners Welfare Association (NEFOWA).
“It is good to hear that Jaypee will deliver 600 flats every month and co-developers will be sought for completion of Noida flats, but what happens to the financial liability both builders have towards Noida Authority and other agencies? On whom are these liabilities going to be transferred in future? What exactly is the position of the buyers in both these projects for which the builders have been marked insolvent?” Bharati asked. “The status of the buyer in the entire issue is still unclear. In Jaypee, the buyers have been labelled creditors, we still don’t know the position of the buyers legally in Amrapali issue. The fates of thousands of buyers are hanging on this. How will RERA protect the rights of the buyers of both these projects?,” asked, Abhishek Kumar, president NEFOWA.