The Greater Noida Industrial Development Authority (GNIDA) has warned builders, who have deposited the initial 25 percent of their dues to execute registry of flats at the earliest in their projects where the OC has been issued, or face action, officials said.
The GNIDA officials said that registry of 2,637 flats have been executed across different projects in Greater Noida so far. The developers of 40 projects have deposited the required 25 percent of their dues with the Authority under the Uttar Pradesh government’s rehabilitation package scheme. The Authority has so far realised dues to the tune of Rs 276 crore.
Apart from this, there are 40 such projects whose builders have deposited 25 percent of the total outstanding amount of about Rs 276 crore to the authority and about Rs 1,200 crore more is to be received from these 40 projects.
Officials said that registration of flats began in these projects after the builders deposited 25 percent and nearly 315 flats have been registered so far. In the remaining 41 projects, the registration process will start as soon as 25 percent of the dues is deposited.
“The CEO directed that the 40 builders who have started the registry by depositing 25 percent of the amount, should complete the registration process at the earliest and the remaining 41 builders, who have not yet deposited 25 percent of the due amount, should complete the payment and start the registration within a week. Failing to do so, the authority will take strict action against builders that may include cancellation of their sublease and attachment of the property,” a GNIDA official told Moneycontrol.
The directions came after a meeting of GNIDA chief executive with builders to assess the progress of payment of pending dues and registry of flats.
According to official estimates, developers owe the authorities in Gautam Budh Nagar around Rs 44,700 crore, out of which around Rs 14,000 crore to the Greater Noida Authority. In total, there are 96 such projects in Greater Noida where the flats are yet to be registered. There are 15 projects where there are no dues and, 2,322 flats have been registered in these 15 projects so far.
According to a rough estimate, there are around 2.4 lakh stressed housing units in the NCR region, out of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
Also Read: Noida Authority to allow registration of over 13,000 flats as builders agree to pay dues
The Union government, in March 2023, had formed a 14-member panel headed by former NITI Aayog chief Amitabh Kant to address the issue of the stuck housing projects. The committee submitted its report in August 2023 and it was sent to states. The Authority allowed the leeway in registrations after the Uttar Pradesh government in December 2023 adopted the recommendations of the Kant committee.
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