Greater Noida Authority implements Amitabh Kant panel recommendations, registers 1,366 flats in 1 month

Greater Noida Authority registers over 1,300 flats in a month, registeries of 4,500 more apartments in the offing

The Greater Noida Industrial Development Authority (GNIDA) has executed registries of 1,366 flats across 16 housing projects in March 2024, after implementing the recommendations of Amitabh Kant committee on legacy stalled projects, officials aware of the matter said.

They said that the Authority has also written to promoters of 28 more projects to deposit the 25 percent amount of their total dues so that ownership rights to around 4,500 homebuyers in these projects can be given. The Authority has paved way for registries of 15,000 flats in Greater Noida across 94 projects though implementation of the Amitabh Kant committee recommendations on stuck projects.

Also Read: Stuck housing projects: Greater Noida Authority to pave way for registry of 6,500 apartments

“At present, 25 percent of the total dues of 16 projects have been deposited by the builders and the outstanding amount of about Rs 73 crore has been received. 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 senior official of the Greater Noida Authority told Moneycontrol.

According to official estimates, real-estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority and about Rs 14,000 crore to the Greater Noida Authority. The dues for the Yamuna Expressway Industrial Development Authority (YEIDA) stand at Rs 4,700 crore.

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Government interventions to start registries

Officials said that Uttar Pradesh’s Yogi Adityanath government has been making efforts to start registries of apartments in stuck projects in Noida, Greater Noida, Ghaziabad and Yamuna Expressway regions by announcing a rehabilitation package based on the recommendations of Amitabh Kant Committee on stuck housing projects.

The implementation of the recommendations of Amitabh Kant Committee has cleared the path for execution of registries across 94 projects where the registry of flats had been pending for a long time and homebuyers are suffering.

Under the rehabilitation package, the Yogi Adityanath government provides zero periods to developers where penalties and interest are waived, payment of recalculated dues rescheduled so that registries can be executed at the earliest and implementation of co-developers’ policy to complete stuck housing projects.

In the zero period, the builders can avail of waivers on penal interest for a period between April 1, 2020, and March 31, 2022, in place of COVID-19 disruptions caused to real estate projects, and also for the duration when construction got disrupted owing to National Green Tribunal orders.

Also Read: MC Explains | How over 2 lakh homebuyers benefit from UP nod to Kant panel suggestions

To avail the benefit, the developers will have to initially pay 25 percent of the total recalculated dues after deducting penal interests to become eligible for the registry of apartments in their respective projects, the official quoted above said.