Till the end of November, 10,000 flats were handed over since chief minister Yogi Adityanath set the 90-day ta... Read More

NOIDA: Real estate companies’ association Credai admitted on Tuesday that the target set by UP chief minister Yogi Adityanath of delivering 50,000 flats in Noida and Greater Noida to buyers by the end of December would not be met, but promised 2018 would be “a year of accelerated deliveries” as the industry settles into GST and Rera regimes.

The assertion came a day after a three-member ministerial panel set up by the CM recommended the arrest of eight developers, who are collectively accountable for 5,000 flats that ought to have been delivered by now.

The administrators of Noida and Greater Noida have told the ministerial panel that, collectively, 32,500 flats would be delivered to homebuyers in the twin cities by December 31. TOI could access the schedules given by Supertech, Logix, IVR Developers Ambrosia, Sunshine Helios, Antriksh Golf View, Greater Value Sharanam and Colourful Estate which, taken together, add up to around 15,000 flats that in various projects by these developers that are on track for delivery by the end of the month.

Till the end of November, 10,000 flats were handed over since chief minister Yogi Adityanath set the 90-day target before realtors and administrators of the twin cities in September. If the December deliveries happen as promised, that will take the number of flats handed over to buyers since September to at least 25,000. At least 7,500 more can also be expected by then, according to the commitment made by the three authorities to the CM’s panel. A detailed list of builders who are offering flats is still awaited.

As the pressure increases to deliver the delayed flats, Greater Noida CEO Debashish Panda has called a meeting on Wednesday with Mahagun (1,649 flats due), AVP Realty (789 flats), Panchtav (182 flats), Omkarnes (700 flats), AAR City (322 flats), IITL Nimbus (396 flats), Ultra Homes (302 flats) and Saya (680 flats) to assess when these apartments can be handed over.

Officials said another purpose of the meeting was to facilitate quick completion certificates for the developers. “Some builders have cited financial constraints because of which completions have been delayed. We are examining each case,” said a Greater Noida official.

Noida police chief Love Kumar said no FIR had yet been registered after the verbal instructions from the ministerial panel on arresting developers. “If the respective authority registers a complaint, allegations will be verified and FIRs lodged,” Kumar said. “In cases where FIRs have already been lodged, we are investigating and will not shy away from further appropriate action.”

In a closed-door meeting with the committee of ministers on Monday in Delhi, Noida committed to handing over 11,000 flats, Greater Noida to 14,000 and Yamuna expressway authority to 7,525 flats, including 2,970 it is building, by the end of the year.

Credai said the thrust for handover of flats by December could be a start point to faster deliveries in 2018. “2017 was a year of reforms for the real estate sector. Rera came into play and GST also started. Builders have started working on completion. 2018 will be a year of accelerated deliveries,” said Amit Modi, president, Credai (western UP). Pankaj Bajaj, president (Credai NCR) added, “By our estimates, 10,000 apartments were in last leg of deliveries and will definitely be handed over with 20,000 still in the last bit of finishing. The rest of the deliveries will spill over in 2018.”

Noida-based builder Supertech upped its commitment on delivery of apartments by December and claimed it would deliver 8,824 flats by the end of the month. “The flats to be offered comprise 1,851 apartments in four projects in Noida, 4,950 in four projects in Greater Noida and 2,023 in two projects next to Yamuna expressway. We have delivered 22,217 flats in last three financial years,” Supertech chairman RK Arora said.

