32k Flats Are Awaiting Registry In Noida, But Only 500 Done So Far, ET RealEstate

April 1, 2024

<p>Representative Image</p>
Representative Image

NOIDA: Despite efforts by Noida Authority, developers of only 14 of 57 projects in the city have signed up for UP govt’s rehabilitation package in the past three months.

When the package – based on recommendations of a panel headed by former bureaucrat Amitabh Kant – was announced last Dec, the Authority had identified 57 projects that were stuck over dues. These projects had 32,453 flats in total, most of which had been handed over to buyers but were not registered.

Of these 57, the builders of 35 projects, with 13,639 flats, said yes to the govt deal. But so far, developers of only 14 projects have submitted 25% of their recalculated dues with the Authority – the first step for availing zero period waivers on penal interest incurred during two years of the pandemic.

With the payment of this advance, some 4,000 flats can now be registered. But the Authority has been able to register only 500 so far. This has helped the Authority augment its revenue by Rs 112 crore.

Lokesh M, the Authority CEO, said the builders of the remaining 22 projects who had given their consent to the rehab package were considering depositing the 25% advance in the new financial year. There is a high possibility of a large number of registries being executed in April, he added.

“We are in constant touch with these builders. We are trying to persuade them to deposit 25% of the revised dues as soon as possible,” the CEO said.

The stamps department has been holding camps at various housing societies to expedite the process of registries. On March 1, a camp was organised at Express Zenith Society in Sector 77. A total of 55 registries were sealed that day.

Similar camps were organised at Indira Gandhi Kala Kendra in Sector 6. A total of 500 flats have been registered in multiple camps so far.

Residents of several condominiums have been raising concern against the pace of registries. In many societies, residents have put up banners and posters declaring they will abstain from voting in the Lok Sabha polls if their flats are not registered before that.

The state govt came out with its rehab plan for stalled projects on Dec 21 last year. Noida Authority subsequently listed 57 such projects and called their developers for a meeting. Of them, the builders of 47 projects participated in the meeting and 35 said yes to the deal.

In Greater Noida, 1,365 flats have been registered across 16 projects so far. The builders of these projects have deposited the advance amount, accounting for Rs 73 crore in total.

  • Published On Apr 1, 2024 at 09:18 AM IST

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