Residents Welfare Body Seeks Representation In Noida Authority Board
Through an amendment in the Insolvency and Bankruptcy Code of 2016, the Union Cabinet recently gave homebuyers an upgrade. Homebuyers would no longer act as “unsecured creditors” when the fate of loan-defaulter real estate corporations who are facing insolvency proceedings is decided; they would act as “financial creditors” on a par with banks. To put it simply, when the assets of an ailing realtor are liquidated a buyer would be in a much better position to stake claim. Despite the fact that financial institutions might find that unsavoury, and may adopt an even stricter approach to lend to realtors, homebuyers could not have been happier after the Cabinet’s decision that was taken on May 24.
In a move that could further strengthen the position of buyers, they could be accepted as representatives on boards of district-level authorities. The RWA Federation in the city has in fact been demanding a representation in the Noida authority Board for a year now. If the demand is accepted — the federation recently sent another letter in this regard to the Uttar Pradesh industrial development minister —they would be able to positively influence policy decision taken at the authority-level in favour of city residents. These representatives could act as a link between the officials and the public, members of the federation say. It is worth mentioning here that the industries’ association already has representatives in the Noida Authority Board.
“Since all functions of providing civic amenities, upkeep, development and maintenance of the sectors of the city has been vested in the Noida Authority, it is important that representatives of residents be given place on the Board… only RWAs are best suited to apprise officials of the need of residential sectors and its resident,” Federation of Noida Residents Welfare Association Secretary-General AN Dhawan was quoted by Hindustan Times as saying.