Developers owe a staggering amount of more than Rs 4,500 crore (Rs 45,155,222,408.28 to be exact) in lieu of the land allotted to them by Greater Noida Authority. The list which names 164 developer entities has been made public by the authority. The figure represents total unpaid instalment due from builders.
According to the released document, this is how much some of the biggest developers in the region need to pay-
Amrapali- Rs 879 crore
Unitech – Rs 773 crore
Supertech- Rs 282 crore
Parsvnath Developers – Rs 163 crore
Eldeco Infrastructure – Rs 159 crore
ATS – Rs 124 crores
Omaxe – Rs 103 crores
Panchsheel Buildtech – Rs 84 crore
Gulshan Developers- Rs 64 crore
Nirala Projects – Rs 28 crore
The top 10 defaulters together hold more than 57% of the total pending amount.
We spoke to Getamber Anand, President- CREDAI & CMD- ATS Infra who told us that this amount includes the pending payments from developers plus the increased compensation that Greater Noida Authority had promised the farmers. ‘We have asked the authority to give us a break-up of this pending amount. We want to know how they have arrived at such a large figure’.
He added that the developers and authority are trying to figure out a solution but at the same time claims that some of the names in the list are wrongly mentioned. While this may sound bad news for developers, homebuyers will be worse hit since Getamber Anand didn’t hesitate to mention that in case the developers are made to pay the compensation due to farmers, the burden will be ultimately transferred on to the buyers.
Find the complete list of defaulters here