The housing industry in Noida faces significant challenges, particularly with unfinished projects and unregistered flats, exemplified by the GH-1 group housing plot in Sector 120. Initially allocated in 2009 to develop 1,530 flats, 290 remain unregistered. This issue extends to 16 other projects, with developers depositing only INR 57.03 crore of the INR 740.87 crore owed, resulting in 6,152 unregistered flats. The Noida Authority has issued final notices to seven non-compliant developers, threatening referral to the Economic Offences Wing (EOW) for recovery. Proactive measures, including a two-year zero-interest period for financial relief, aim to expedite registrations and restore homebuyer confidence.
The housing industry in Noida has faced significant challenges in recent years, particularly regarding unfinished projects and unregistered flats. Among these, the group housing plot (GH-1) in Sector 120 serves as a prime example. Initially allocated to a developer in December2009, the lease was formalised in January 2010 to construct a residential complex comprising 1,530 flats. Unfortunately, as of now, 290 of these flats remain unregistered, highlighting persistent issues within the real estate sector.
The difficulties are not confined to Prateek Realtors alone; they also reflect a broader trend impacting numerous developers. In total,16 additional projects, which had committed to the state's rehabilitation policy, have also fallen short of meeting financial obligations. Collectively, these developers have only managed to deposit INR 57.03 crore against a total outstanding amount of INR 740.87 crore, resulting in 6,152 unregistered flats across these projects.
In response to these challenges, the Noida Authority has taken significant measures to enforce compliance. Earlier this month, it issued final notices to seven developers who opted out of the state's rehabilitation package aimed at stalled projects. These notices require detailed submissions concerning unsold flats, unsold shops, and any unutilised portions of their project land. Should these developers fail to comply, their cases will be referred to the Economic Offences Wing (EOW) for recovery of the dues owed. The Authority is also prepared to seal vacant properties linked to non-compliant developers.
Additionally, oversight issues were evident when an assistant was suspended for negligence in a case involving MMR Saha Developers, who owe over INR 1,100 crore for a commercial plot in Sector 52. To enhance enforcement, Noida's Chief Executive Officer, Lokesh M, has established dedicated teams to tackle developers who have not utilised the state's rehabilitation package. This initiative includes a two-year zero-interest period introduced during the Covid-19 pandemic, aimed at alleviating financial burdens and expediting the registration process for flats, thereby addressing the long-standing plight of homebuyers waiting for ownership rights.
In summary, while the Noida Authority is taking firm steps against non-compliant developers, the ongoing delays in project completions and flat registrations continue to impact countless homebuyers. The proactive enforcement of government policies, coupled with stringent measures against defaulters, is critical to resolving these long-standing challenges. Ultimately, ensuring that developers meet their financial obligations will be pivotal in achieving timely property deliveries and restoring faith in the housing sector, thus securing homeownership for the affected residents.
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