Noida, Gr Noida authorities mulling registration of flats for homebuyers

Noida: Aiming to benefit homebuyers who are waiting to get ownership rights for their homes, both the Noida and Greater Noida authorities are mulling registration of flats for homebuyers.

In a similar effort, the homebuyers from nearly seven housing projects across the twin cities will soon get their houses registered in their names since the builders will clear their pending dues to the authority.

As per officials, the builders of five projects, owing approximately Rs 10 crore have paid their dues thus clearing a way to registration of nearly 650 homebuyers.

“The registration of these flats are going to start soon while in recent meetings more builders have agreed to clear their dues. The builders have started following the government’s plan to provide relief to flat buyers in Noida-Greater Noida owing to offers being made to them,” said a senior authority officer.

In December 2023, the government announced several measures to help developers complete projects stuck for years- a two-year ‘zero-period’ relief; an extension of three years without any fee; a provision to bring in a co-developer if the builder is unable to complete the project; relaxation in conditions to mortgage; and payment of land dues in instalments over three years.

The order also stated that the registration of flats can begin only when the builder pays 25 per cent of the outstanding land dues. Noida Authority said that out of seven builders who have turned up, five have paid the required minimum 25 per cent of the dues and the other two builders will pay the dues in 60 days.

The agreement came after the implementation of Amitabh Kant Committee’s recommendation, which was approved by the Uttar Pradesh Cabinet last month. The recommendation gave the benefit of a zero period to the builders from 1 April 2020 to 31 March 2022, reducing their dues by 20 to 24 per cent. “The process of registration in these flats will be started soon. Apart from this, written consent has also been received from two more builders of Noida that they will deposit the outstanding amount within 60 days. In such a situation, the work of registration of 1084 flats in these seven projects will be completed,” the officer added

The five builders who deposited the dues include IITL Nibans Pvt Ltd and HR Arkel Developers based in Sector-78, Capital Infra Projects based in Sector-168, Divine India Infrastructure based in Sector-108 and AIIMS RG Angel Promoters Pvt Ltd based in Sector-75.