Noida News: Great Update! Green Light for 3000 Flat Registries in 31 Unfinished Projects

Noida News: The Noida authority stated on Monday that, in accordance with a new state government policy announced on December 19 to address the problems facing the real estate industry, it is likely to grant permission for the execution of the registry of at least 3,000 ready apartments in 31 completed housing projects by offering them penal interest waivers.

Realtors Express Intent to Settle Land Cost Dues

In order to be eligible for registers in the names of the apartment buyers who have been suffering for several years, the realtors of these 31 fully completed but blocked housing projects have indicated their intent to pay the land cost dues, after penal interest deductions.

But according to officials, the authority has chosen to take severe legal action against brokers who refuse to implement this new strategy to help ease the problems of homebuyers. This action will include forensic audits, plot cancellations, and asset seizures.

Physical Survey for Project Assessment

In order to determine the quantity of units sold and unsold, the state of construction, the unencumbered assets in a project, the cause of the delay and its resolution, and other details, the authority is physically surveying each housing project that has delayed. As soon as the survey is complete, the authority will, case-by-case, determine how to handle the problems with each project.

“We are looking into each case and trying to resolve the issues as per the new policy,” said Lokesh M, chief executive officer, Noida authority. “At least 20 of 31 complete housing projects have financial dues ranging from ₹3 crore to ₹100 crore and these are ready to use the scheme and obtain registry permission to offer relief to homebuyers. And the remaining 11 have dues below ₹1 crore and they will easily opt for the policy to obtain registry permission,” said a Noida authority official, asking not to be named.

Financial Challenges for 26 Housing Projects

“But the remaining 26 housing projects, which have around ₹6,000 crore financial dues in all, and some of them have dues in the range of ₹380 crore to ₹1,600 crore. These realtors do not seem in a mood to come forward to pay the dues and become eligible for registration,” the official said.

“These realtors have multiple projects --some of them in good condition and some part of 31 stalled ones. If they will not pay up dues and use the policy, then the government will blacklist them, seize their assets and recover the dues to find a solution to buyers’ woes,” the official said.

According to the authority, at least 35 out of the 51 realtors who have come forward have indicated that they intend to use the programme and pay the fees in order to be qualified for flat registration. In Greater Noida, there are 96 projects that are blocked, which affects about 75,000 flat buyers.

Engagement with Realtors

“We are meeting with all realtors to resolve the financial issues. We hope that most of these developers will use the scheme and become eligible for flat registration,” said Saumya Srivastava, additional chief executive officer, Greater Noida authority. "We hope that the new policy works out well and addresses the issues being faced by the realty sector," stated Dinesh Gupta, secretary of the Confederation of Real Estate Developers Association of India (CREDAI) for western Uttar Pradesh.

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