Greater Noida: 4,500 homebuyers likely to get ownership soon as developers start payment of dues

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Noida: Implementing recommendations of the Amitabh Kant committee on stalled housing projects, the Greater Noida Industrial Development Authority (GNIDA) allowed registries of 1,366 flats in 16 housing projects in March this year. The authority also directed the promoters of 28 more housing projects to pay 25 per cent of their total dues so that registries of around 4,500 more flats can be expedited, said officials aware of the matter said.

Implementation of Amitabh Kant committee’s recommendations will also expedite registries of 15,000 flats in Greater Noida across 94 housing projects which were stuck for various reasons.

“So far, 25 percent of total dues of 16 projects have been deposited by the developers. The authority has received an outstanding amount of about Rs 73 crore. Registry of flats in these projects has also started and till now the registration of about 1,366 flats has been completed in March 2024. For 71 out of the remaining 78 projects, the builders have assured to deposit 25 percent of the amount in April, from which approximately Rs 715 crore will be received,” a Greater Noida Authority official told Moneycontrol.

As per estimates, housing project developers owe around Rs 44,700 crore to the development authorities in Gautam Buddh Nagar. Builders owe around Rs 26,000 crore to the Noida Authority and around Rs 14,000 crore to the Greater Noida Authority. Meanwhile, developers owe around Rs 4,700 crore to the Yamuna Expressway Industrial Development Authority (YEIDA).

Noida Authority permits registry of over 13K flats

The Noida Authority allowed registry of 13,639 flats after developers of 35 housing projects agreed to pay their financial dues. The authority gave the permission based on the new realty policy okayed by the Uttar Pradesh government on December 21, 2023. As per the new policy, registry of flats will be allowed after realtors pay 25 per cent of their total dues.

The Yogi Adityanath-led Uttar Pradesh government is making all efforts to expedite registries of flats in stalled housing projects in Noida, Greater Noida, Ghaziabad and Yamuna Expressway regions. The government announced a rehabilitation package based on the recommendations of Amitabh Kant Committee to safeguard the rights of homebuyers.

Noida, Greater Noida flat registries: What is zero period?

Implementation of Amitabh Kant committee’s recommendations has paved the way for execution of registries across 94 projects. Under the rehabilitation package, the state government is providing zero periods to developers. Hence, some penalties and interest on the realtors will be waived, and payment of dues will be recalculated and rescheduled so that registries can be executed at the earliest.

In the zero period, the developers can avail waivers on penal interest for a period between April 1, 2020, and March 31, 2022 as COVID-19 induced pandemic caused disruptions in development of housing projects. Zero period will also be applicable for the duration when construction works got delayed due to the National Green Tribunal (NGT) orders. To avail the benefits of the zero period, realtors will have to pay 25 per cent of the total recalculated dues after deducting penal interests.

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