Coming to the rescue of distressed home buyers of Noida and Greater Noida, the Uttar Pradesh government today directed the builders to hand over 50,000 flats to buyers in next three months or face action.
Chief Minister Yogi Adityanath issued the directive at a meeting with the developers and top administrators from Noida and Greater Noida Authority, Urban Development Minister Suresh Kumar Khanna said.
Khanna is a member of three-ministerial committee formed by Adityanath to look into the problems being faced by the home buyers in the wake of insolvency proceedings initiated against Jaypee Infratech.
The committee, which also includes Satish Mahana and Suresh Rana, recently visited Noida to see how the aggrieved home buyers could be helped.
Khanna said the builders have been asked to hand over 50,000 flats in next three months after completing the work and taking completion certificates from the authorities concerned.
The builders have agreed and if they do not follow it, "all options are open" to deal with them, said Khanna.
"From financial to criminal...All options are open with us..," the minister added.
The meeting came a day after the Supreme Court asserted that the interest of home buyers would be protected and directed Jaypee Associates, the holding company of Jaypee Infratech, to deposit Rs 2,000 crore within 45 days.
Due to the insolvency proceedings initiated against Jaypee Infratech, the fate of about 32,000 home buyers is hanging in balance.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)