The local development authority has issued notices to multiple real estate developers, asking them to submit proposals within 15 days for the settlement of dues amounting to several hundred crores, officials said on Friday. The notices, issued a day earlier, follow a state government directive related to long-pending and stalled real estate projects, which offers waivers on interest and penalties as part of efforts to address the concerns of homebuyers.

According to the development authority, a group of developers collectively owes the largest share of dues — ?7,786.06 crore, representing 91.48 per cent of the total. Other developers on the list owe amounts including ?572.51 crore, ?178.65 crore, ?73.28 crore, ?51.17 crore, and ?27.67 crore, as per the official notices.

The authority stated that the state government had issued an order on December 21, 2023, addressing legacy stalled real estate projects and providing relief through recommendations for waivers on interest and penalties.

At the national level, a central panel had also made recommendations aimed at resolving long-standing issues affecting homebuyers, developers, and local authorities.

Delayed property registrations and late possession of apartments have been major concerns in the Noida and Greater Noida regions for many years, with the state government pushing for solutions to ease the difficulties faced by homebuyers.

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