Noida News: Relief! Noida Authority Approves Registry for 13600 Flats in Stalled Housing Projects, Check Details

Noida News: In a significant development, the Noida authority has given its approval for processing the registries of 13,600 flats within 35 stalled housing projects. This move comes after realtors have committed to settling their outstanding land dues, marking a pivotal step towards resolving long-standing issues in the real estate sector.

Realtors Commitment and Authority's Action

The nod from the Noida authority comes in response to realtors providing written assurance to clear their land dues, paving the way for the registration of flats across various projects. Among these projects are esteemed developments such as The Hyde Park in Sector 78, Prateek Fedora in Sector 61, and Mahagun Moderne in Sector 78, underscoring the broad scope of this initiative.

Inclusive Listing of Eligible Projects

The 35 housing projects deemed eligible for registry approvals encompass a diverse range of developments across various sectors of Noida. Noteworthy among these projects are:

• The Hyde Park in Sector 78
• Prateek Fedora in Sector 61
• Apex Dream Homes in Sector 75
• Gulshan Homes in Sector 144
• Divine Meadows in Sector 108
• Golf Avenue in Sector 75
• Elite Homes in Sector 77
• Gulshan Botnia in Sector 144
• Mahagun Moderne in Sector 78
• Sunshine Helios in Sector 78
• Sunworld in Sector 107
• PAN Realtors in Sector 70
• ATS Township in Sector 104
• Omaxe Buildwell in Sector 93B

This comprehensive list, as per the Hindustan Times report, signifies the broad spectrum of housing projects where flats are now eligible for registry processing.

Progressive Steps and Developer Compliance

Lokesh M, the CEO of Noida authority, highlighted that 12 realtors have already fulfilled their dues obligations, resulting in permission being granted for the registry of approximately 1,200 apartments. Out of 57 developers, 37 have expressed their willingness to settle their dues, indicating a positive trend towards resolving the impasse surrounding stalled projects.

Financial Guidelines and Regulatory Compliance

According to the policy set by the Uttar Pradesh government, developers are required to pay 25% of their total dues to initiate the registry process. This payment includes penal interest for the two Covid-19 affected years. Notably, developers who have consented to clear 25% of their dues after adjusting penal interest have been granted permission for registry processing.

Future Prospects and Project Resumption

While the registry permission has been granted for the initial set of projects, the Noida authority aims to extend this facilitation to other stalled housing projects as developers fulfill their remaining dues obligations. This proactive approach signals a commitment to revitalizing the real estate sector and addressing the concerns of homebuyers awaiting possession of their properties.

Facilitating Registrations

To streamline the registry process and provide convenience to homebuyers, the Noida authority will be organizing camps at housing complexes starting from 1st March. The inaugural camp will be held at Express Zenith Society’s community hall in Sector 77, offering residents a convenient platform to complete their registration formalities.