Noida: Developers want to avail rehabilitation policy for five stalled projects
NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) will consider requests by developers of five stalled projects to avail state govt's rehabilitation policy, the deadline for which lapsed last year.
If YEIDA agrees, officials said, the developers in return will file applications to withdraw cases pending in the National Company Law Tribunal (NCLT) and in other courts.
"Six builder projects have availed relief under the govt's policy. Five projects remain stuck in legal disputes, affecting thousands of homebuyers," YEIDA chief executive officer Arun Vir Singh said on Thursday.
Authority officials said the final decision on extending the policy to these developers will be made at a board meeting that is likely to be held soon.
"The proposal holds merit but resolving the issue will be complex. The final decision will be taken in the upcoming board meeting, keeping the plight of thousands of homebuyers in mind," an official said.
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