Registry of flats in stalled projects to begin from March 1, ET RealEstate

March 1, 2024

<p>Representative Image</p>
Representative Image

NOIDA: A camp for the registry of flats included in the legacy stalled projects of group housing in Noida would begin here on Friday, officials said. The camp would be inaugurated on the premises of Express Zenith Society in Sector 77, the Noida Authority said in a statement.

According to officials, around 100 registries are expected on the first day of the camp and overall registries of more than 13,000 flats are to be done in the long term.

The development comes a week after Noida Authority CEO Lokesh M held a meeting with industry body CREDAI to resolve the issue of legacy stalled projects in line with the recommendations of the Amitabh Kant Committee report.

“The Chief Executive Officer of Noida Authority had requested the officials of CREDAI that in accordance with the government order dated December 21, 2023, issued in relation to the legacy stalled projects, all builders concerned should give their consent and deposit 25 per cent of the pending dues amount so that the sub-lease document can be executed in favour of the flat buyers,” according to an official statement.

CREDAI Western Uttar Pradesh secretary Dinesh Gupta said almost all of the 57 developers who have projects in Noida have given their consent to the relief package.

“Not all the recommendations of the Amitabh Kant Committee report have been accepted by the local authority but now CREDAI has accepted whatever relief has been offered which is zero period interest waiver (on delay during the two-year Covid period),” Gupta told PTI.

“The developers would get a benefit of a maximum of up to 15 per cent or 20 per cent of the total pending dues,” he added.

Until the last week of February, Gupta said builders had deposited part Rs 70 to Rs 80 crore with the Noida Authority and around Rs 1,000 crore would be deposited in the coming days, which would speed up registries of an estimated 5,000 to 6,000 flats soon.

  • Published On Mar 1, 2024 at 08:46 AM IST

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