Noida Authority to allow registration of over 13,000 flats as builders agree to pay dues

Noida Authority likely to execute registry of 13000 flats

Noida Authority is set to allow the registration of over 13,000 flats across different stuck projects as 35 real-estate developers have come forward to clear their dues under the Uttar Pradesh government’s stuck projects rehabilitation package.

According to officials, out of 57 developers, 35 have agreed to pay the initial 25 percent amount of their total dues, recalculated after implementing the rehabilitation package benefits.

“For the Authority, the interest of the homebuyers is the top priority. Therefore, we have been holding meetings with developers of stuck projects to persuade them to pay their dues so that registrations can be initiated. Now, around 35 builders have given their written consent to pay the dues. Once the 25 percent dues are cleared, the Authority will execute registries of flats. This will provide some respite to homebuyers,” a senior official told Moneycontrol, requesting anonymity.

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

The official said that the Authority has decided to give permission for executing registries of around 13,000 apartments in 35 stalled housing projects and it is expected to get over Rs 500 crore from the initial payments by builders.

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The official added that around 12 developers have already paid their dues and received permission for the registry of around 1,200 flats.

Under the rehabilitation package, which was approved by the Uttar Pradesh government on recommendations of Amitabh Kant committee on stuck and delayed projects, builders can enjoy waiver on penal interest between April 1, 2020, and March 31, 2022, owing to COVID-19 disruptions, and also for the duration in which construction got disrupted following various court orders.

How much developers owe

According to officials, developers owe around Rs 44,700 crore to the authorities in Gautam Budh Nagar, around 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.

According to a rough estimate, there are around 2.4 lakh stressed housing units in the region, 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.

The Union government, in March 2023, had formed a 14-member panel headed by former CEO of NITI Aayog, Amitabh Kant, to address the issue of stuck housing projects. The committee submitted its report in August 2023 and it was sent to states. The Uttar Pradesh government approved the recommendations of the panel on December 19, 2023.

Special camps for registry

The Noida Authority has also decided to set up special camps for registries at housing societies, so that homebuyers do not face any problems. The first such camp will be organised on March 1, 2024, at Express Zenith housing complex in Sector 77.

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

Another official of the Authority said that these camps will be organised in each society so that registries can be executed smoothly. These special camps will have staff from Noida Authority, stamp and registration department, and the district administration for better coordination.