Noida: The government has put forward a proposal to amend the Insolvency and Bank Corruption Code (IBC Code). There are thousands of flats in the projects that have gone to NCLT in which people are living or planning to shift. It is expected that this proposal will be approved very soon.
If this proposal of the IBC Code-2016 is approved, then the way for the registry of about 70–80 thousand buyers in Noida Greno will open immediately. According to the information, more than 40 projects from different builder groups in Noida and Greater Noida are currently in NCLT. According to estimates, there are 70–80 thousand flats in which people are either living or are ready to shift. Of these several thousand flats, the respective builders have also taken an OC (occupation certificate) from the authority.
Manish Kumar Gupta, IRP appointed by NCLT in a 3C Group company undergoing bankruptcy proceedings, said that the government has put forward this proposal after considering amendments to the IBC Code-2016. It is expected that a decision on this can be taken very soon. The biggest benefit of this will be for the buyers. They will get ownership rights to the flat. Banks will be able to give loans on flats under the bankruptcy process, and buying and selling will increase in the market. The income of the government will also increase.
More than 40 projects are currently in the bankruptcy process in the district.
The registry of 70–80 thousand ready flats is stuck in this affair.
A total of 313 group housing projects have been approved in Noida and the Greno Authority.
A total of 166878 flats are approved in Noida and 207425 flats in Greno projects.
The Noida Authority has issued occupancy certificates for 98833 flats, out of which 60675 have been registered.
An occupancy certificate for 101514 flats has been issued by the Greno Authority, and registration for 93860 flats has been done.
