Noida Authority registers 1,075 flats in stalled projects
Noida: Noida Authority officials on Friday said that they have executed registries of 1,075 flats across 22 housing projects by June 2024, after implementing the recommendations of Amitabh Kant committee on legacy stalled projects in December 2023.
According to officials, the authority has written to the developers of 57 stalled real-estate projects to deposit the 25 percent amount of their total dues so that ownership rights to homebuyers in these projects can be given.
“At present, 25 percent of the total dues of 22 projects have been deposited by the builders and the outstanding amount of about Rs 276 crores has been received. Registry of flats in these projects has also started and till now the registration of about 1, 075 flats has been completed by June 2024. The remaining 75 per cent of the amount which is around Rs 830 crores is expected to be received soon. With this, registry of nearly 3000 units will be assured,” said Lokesh M, Chief Executive officer (CEO), Noida Authority.
Officials said that Uttar Pradesh’s Yogi Adityanath government has been making efforts to perform registries of apartments in stuck projects in Noida, Greater Noida, Ghaziabad and Yamuna Expressway regions by announcing a rehabilitation package based on the recommendations of Amitabh Kant Committee on stuck housing projects.
The implementation of the recommendations of Amitabh Kant Committee has cleared the path for execution of registries several real-state projects where the registry of flats had been pending for a long time and homebuyers are suffering.
Under the rehabilitation package, the Yogi Adityanath government provides zero periods to developers where penalties and interest are waived, payment of recalculated dues rescheduled so that registries can be executed at the earliest and implementation of co-developers’ policy to complete stuck housing projects.
In the zero period, the builders can avail of waivers on penal interest for a period between April 1, 2020, and March 31, 2022, in place of COVID-19 disruptions caused to real estate projects, and also for the duration when construction got disrupted owing to National Green
Tribunal orders. To avail the benefit, the developers will have to initially pay 25 per cent of the total recalculated dues after deducting penal interests to become eligible for the registry of apartments in their respective projects.
The information was shared after Noida Authority’s 214th board meeting that took place in PICUP Bhawan in Lucknow on Friday. The meeting was chaired by Chief Secretary to Govt. of Uttar Pradesh and Chairman Noida Authority Manoj Kumar Singh. Apart from CEO Noida Authority, Greater Noida Industrial Development Authority (GNIDA)’s CEO Ravi Kumar NG and Yamuna Expressway Industrial Development Authority (YEIDA) CEO Dr Arun Vir Singh remained present.
