A four-pronged approach has been proposed by the Noida Authority to recover its outstanding dues, nearly Rs 20,000 crore, from defaulting builders. The proposal includes forensic audit of each builder, submitting claims in National Company Law Tribunal (NCLT), getting the Gautam Budh Nagar district administration to issue Recovery Certificates and liquidating assets of defaulters.

A decision to this effect is likely to be taken at a meeting scheduled between chief minister Yogi Adityanath, the cabinet committee — comprising three ministers — and the CEOs of the three authorities in Lucknow on Tuesday.

The Noida Authority, in August too, had sent a proposal to the state government requesting a go-ahead for a forensic audit to be carried out on the fund flow of all defaulting builders with projects in Noida. The government has sought clarification from the Authority on certain issues before giving its nod, said officials.

According to the Authority, the proposal follows last month's meeting between the cabinet committee and Confederation of Real Estate Developers' Association of India (Credai) to resolve the builder-home buyer stalemate. During the meeting, Credai had submitted an 18-point proposal to bail out sick realty projects in the district.

As per the Credai proposal, individual co-developers had said they would be willing to join hands with sick projects or defaulting developers on certain terms and conditions. The committee, however, failed to satisfactorily address the issue of recovering the outstanding dues, nearly Rs 35,000 crore, that the builders owed the development authorities of Noida, Greater Noida and Yamuna Expressway areas.

According to sources, not happy with Credai's bailout package, the Authority has come up with the four-pronged proposal. Sources in the Greater Noida Industrial Development Authority also inform that GNIDA is also not in favour of supporting the bailout package proposed by Credai as it would mean a huge financial burden on the three Authorities, which are already dealing with financial crunch.

As per officials, UP urban housing minister Suresh Khanna, who heads the cabinet committee, has held several meetings with Credai and builders to arrive at a likely resolution.

Meanwhile, Getamber Anand, chairperson of Credai, said: "The prime concern of the government is to deliver incomplete residential units and to hand over possession. We have offered our support for the same," Anand said.