Developers in UP’s Gautam Budh Nagar oppose coercive recovery actions against builders

Real estate developers in Noida and Greater Noida have approached the district magistrate of Gautam Budh Nagar, the district of which they are a part, seeking relief from coercive recovery action against builders.

The dues are payable to Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities.

In a letter to Gautam Budh Nagar District Magistrate (DM) Manish Kumar Verma, the Uttar Pradesh Chapter of the National Real Estate Development Council (NAREDCO) requested Verma not to initiate coercive recovery action against builders and to await the findings and recommendations of the Amitabh Kant Committee on stuck projects.

Builders owe an estimated Rs 40,000 crore, including premium, interest and penal interest against allotted plots on which real estate projects are in different stages of execution.