25.May.2023
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A senior Uttar Pradesh government official said on Mondaythat a plan to resolve a shareholder dispute at a collective housing project inNoida is expected within two weeks. The meeting was held on May 20 to discussan action plan for housing projects in the area.
According toofficials, many housing projects in Noida and Greater Noida have been on holdfor a long time. In many completed projects, homebuyers have waited a long timefor the apartment to be registered. A large part of the congestion is due todevelopers not making payments to local authorities, which has stalled theentire process of registering individual homes.
UP Industrial Development and Infrastructure (IIDC)Commissioner Manoj Singh said the meeting was designed to discuss stalledprojects. "Noida has been a key region for investment in recent years, notjust in the state but across the country," Singh said, adding that thediscussion has caused stalemate and concerns from financial institutions.
"We havediscussed the stalled projects and will come up with a plan within two weeks toresolve the issue," Singh told PTI. According to official estimates, morethan 100 housing projects in the sister cities of Noida and Greater Noida havebeen blocked or delayed, affecting hundreds of thousands of people.
The government's planto resolve the shareholder dispute is a positive development for homebuyers inNoida and Greater Noida. The plan is expected to clear the backlog of housingprojects and help homebuyers get their apartments registered. The plan is alsoexpected to boost confidence in the real estate sector in Noida and GreaterNoida.
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