Throughout the year, so many builders were punished yet common people could not get houses. Trending Global News

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A few days ago, the Lucknow Bench of the Allahabad High Court has sought a response from the Noida Authority on the plea of 44 home buyers of Gorson’s Sportswood Project located in Sector 79. The allegation of these home buyers is that the houses are not registered even after depositing the full amount. This is not the first case. No matter how booming the real estate sector is in the year 2024, there is no end to the problems of homebuyers. Surprisingly enough action has been taken against developers in Noida NCR in the year 2024. Even after that, thousands and millions of home buyers are away from their homes.

Notably, after successful flight testing at Noida International Airport, the attraction of Noida, Greater Noida and Yamuna Development Authority has increased for home buyers. Many new projects have either started or are preparing to start. The biggest question is what dream homebuyers have in their eyes in this glamor of Noida region.

Invest your entire life savings. When they have frauds. There is no registry of his house. Projects will be mired in conflict. I dread to think of what will happen next. Before we get lost in the world of statistics, let’s take a look at some of the 2024 projects that have been mired in controversy or action by the authorities.

In the year 2024, action was taken against the big developers.

On December 12, a notice was sent to the builder of Greater Noida West’s Mayfair Residency Society for giving possession to buyers without OC/CC.
On December 5, the Noida authority canceled the allotment of a 14,000 square meter plot of Logix Group. This action was taken for non-payment of dues of Rs.130 crore.
On November 23, a show-cause notice was issued to Jundu State Pvt Ltd, Logics, Lotus Greens and ATS over Rs 10,500 crore arrears.
On 18 October 2024, Noida Authority sealed 13 towers and other properties of 3C Projects Pvt Ltd, Todd’s Homes and Granite Gate Properties Pvt Ltd projects.
When the map expired on October 17, 2024, the projects of four builders, including Logic, were sealed.
On September 30, builders’ bankruptcy issue in Noida, 25 projects reached NCLT, Rs 10 thousand crores of the authority is stuck.
Aug 25, 2024 Five builders including Supertech Realtors Pvt Ltd, Supertech Township Projects Ltd, Ajnara Realtech Ltd, Rudrabuildwell Constructions Pvt Ltd and Gayatri Hospitality Wellcom Ltd are facing insolvency proceedings. Now UP RERA has asked those who have invested money in the projects of these builders to file their claims with the Insolvency Resolution Professional.

Action against more than 45 builders and projects

Noida, Greater Noida and Yamuna will dominate the property sector in the year 2024. On the other hand, the action against developers and projects has not decreased. According to the information, action was taken against more than 45 developers and projects across the region by RERA. This means that an average of two cases have been processed every month this year. You can count the names, there are many reputed builders and their projects across the region, which are not monitored by the authorities and RERA. If home buyers are investing in Noida area now, it is quite risky. Although the speed with which the RERA is being processed, the work is being done by the NBCC as per the directions of the Supreme Court. It is expected that the problems of home buyers will be solved to some extent in a few years.

Thousands of families are stranded.

In the year 2024, thousands of families are stuck with their dream homes due to the actions taken by Noida, Greater Noida Authority and RERA. According to the data, the houses of more than 8 thousand families have been stranded so far this year. This may include action to seal the project or ban the registry due to non-payment of dues. All these reasons have further increased the difficulties of home buyers. According to information, their number may increase further in the coming years.

Status of last 10 years

There is no end to the woes of homebuyers and developers’ irregularities in the Noida region over the past 10 years. According to statistics, in the last decade, more than 300 projects are still stuck in Noida, Greater Noida and Yamuna region. Due to which about 1.5 to 2 lakh buyers are stranded due to various reasons. Some have not even found a home. Some got possession but not registered yet.