Greater Noida has witnessed the registration of over 8,100 flats since February, following developers' adoption of a UP government policy aimed at reviving stalled real estate projects. A GNIDA report forecasts that an additional 8,000 flats will be registered by March. This policy requires builders to pay 25% of their recalculated dues upfront to qualify for a zero-interest waiver. Currently, 73 group housing projects with 32,435 unregistered flats are participating in the program. Additionally, GNIDA has approved a new policy to streamline flat registrations at the Senior Citizen Home Complex Welfare Society, enhancing protections for homebuyers.
Since February 2024, Greater Noida has seen the registration of 8,106 flats following developers' adoption of the UP-government's policy aimed at reviving stalled real estate projects in the state. A report presented to the Greater Noida Industrial Development Authority's (GNIDA) board on October 27 indicated that an additional 8,000 flats are anticipated to be registered by March next year. This policy, developed based on recommendations from a committee chaired by retired bureaucrat Amitabh Kant, requires builders to pay 25% of their recalculated dues upfront in order to receive a zero-interest waiver on dues incurred during the two years of the pandemic.
In Greater Noida, the report mentioned that developers of 73 group housing projects, which include 32,435 unregistered flats, have chosen to adopt the policy. This year's flat registrations have generated around INR 547 crore for GNIDA, with an additional INR 1,300 crore anticipated for the next year. To safeguard home buyers' interests, GNIDA has established a three-party "sale agreement" model, similar to those used by the Noida and Yamuna Expressway authorities. This agreement is executed among builders, homebuyers, and the relevant authority after buyers make a 10% down payment. It is a legally binding contract required for all future housing projects and guarantees the timely payment of stamp duty.
Previously, registration was only conducted after buyers had made full payment. To standardize industrial plot allocation policies across the Noida, Greater Noida, and Yamuna Expressway areas, GNIDA and the other two authorities have engaged SARC and Associates as consultants to create guidelines for eligibility, lease rent, and other related processes. Earlier, the three authorities formed a committee to develop a standard operating procedure (SOP) with input from finance controllers and general managers. They decided to conduct e-auctions for plots up to 8,000 square meters and interviews for larger land parcels in August, but there was no government order regarding this. Now, based on the consultant's recommendations, a uniform policy is anticipated to be established.
The board has approved a new policy to simplify flat registrations at the Senior Citizen Home Complex Welfare Society, where several original allottees sold their flats without executing sub-lease deeds. According to the new guidelines, the society must provide a list of current occupants along with an affidavit. Once this is submitted, GNIDA will issue NOCs to facilitate the execution of sub-lease deeds. The 136th GNIDA board meeting was chaired by Chief Secretary Manoj Kumar Singh, who also serves as the chairperson of GNIDA. Among those present were GNIDA CEO Ravi Kumar NG, Noida Authority CEO Lokesh M, YEIDA CEO Arun Vir Singh, and Noida DM Manish Kumar Verma, along with others.
The recent initiatives by the Greater Noida Industrial Development Authority reflect a significant step towards addressing the challenges in the region's real estate sector. By facilitating the registration of flats and implementing a new sale agreement model, GNIDA aims to enhance transparency and protect home buyers' rights. The proactive approach in reviving stalled projects demonstrates the government's commitment to stimulating growth in the housing market. Furthermore, the involvement of consultants to standardize policies across key areas underscores a strategic effort to create a unified and efficient framework for real estate development. These measures are expected to boost investor confidence and promote sustainable urban growth.
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