The Noida Authority has asked developers, who have deposited initial 25 percent of their dues, to execute registry of flats in their projects within 15 days. Officials said that the Authority has permitted registry of around 1,400 apartments in the projects of 15 different developers but only 300 have been executed so far.
Authority officials said although approval has been given for the registry of flats, the buyers are deprived of ownership rights as builders are not getting these registries executed.
The authority noted that till April 9 this year, as many as 15 developers have deposited the required 25 percent of their dues with the Authority, following which over 1400 registries were permitted in their projects but as many as 1,100 registries are still pending across 15 projects.
Officials said that Noida Authority Chief Executive Officer, Lokesh M, had also conducted a review meeting on April 10 to take stock of registry execution progress, where he was told that only 300 registries of flats could have been executed across 15 projects and some developers are yet to get the registries done.
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“The CEO said that the interests of homebuyers should not be compromised and directed these developers to execute all their pending registries at the earliest. He also asked the members of CREDAI to persuade other builders, who have not paid their dues, to make payment so that more homebuyers can be given ownership rights,” a senior Noida Authority official, who was part of the meeting, 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. Noida Authority recently allowed the leeway in registrations after the Uttar Pradesh government in December 2023 adopted the recommendations of the Amitabh Kant committee on legacy stalled housing projects, which had submitted its report in August 2023.
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Officials said that there are total 57 builders who have to pay land dues to the Authority and out of this around 42 developers have agreed to avail benefit of the rehabilitation package and deposit 25 percent of their dues. “But out of 42, only 15 developers have deposited the amount while 27 are yet to make payment,” the official added.
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