The Noida Authority has identified 1,097 registries in 21 residential projects awaiting execution, stalled due to builders' inaction. The properties, scattered across nine sectors in Noida, are approved for registry, yet developers lag in delivering to homebuyers. The Authority warned of potential penalties if developers continue to delay. It encouraged buyers to directly contact builders, ensuring the execution of their home registries. Developers who fail to comply risk punitive action in line with land allotment rules and the Real Estate Regulatory Authority (RERA).
The Noida Authority has raised concerns over 1,097 residential flats spanning across 21 real estate projects in Noida that are stalled due to builders' lack of action. These properties, distributed throughout Sectors 75, 78, 121, 137, 144, 143B, 108, 168, and 107, have been approved for registry but face delays as developers fail to fulfil their responsibilities to homebuyers.
According to the Noida Authority, these registries, known as subleased deeds, are prepared for execution, yet builders remain sluggish in concluding the process, leaving potential homeowners in the lurch. The authority issued a stern warning to developers to expedite the process or face potential penalties.
"The Uttar Pradesh government is keen on ensuring maximum homeownership. Despite our concerted efforts and campaigns, the execution of these registries has hit a snag due to the reluctance of the builders," said Prasun Dwivedi, the Officer on Special Duty (OSD), Group Housing at Noida Authority.
In a bid to expedite the process, Dwivedi advised buyers to directly contact their builders or developers to ensure the execution of their home registries. He further called upon builders to facilitate and support homeowners in this process, encouraging them to maximize the number of registries completed.
The OSD issued a clear warning to non-compliant developers, stating that failure to act could result in punitive action, as dictated by land allotment rules and the Real Estate Regulatory Authority (RERA).
Developers including Aims Max Gardenia, Apex Dream Home, Maxbliss Constructions, Aims RG Angel, IVY County, Purvanchal Project, and Gulshan Homes Infrastructure are among those with approved registries. Others such as Orion Infrabuil, Rani Promoters, E-Homes Infrastructure, Nexen Infracon, Indosam Infra Developers, Valuent Infradevelopers, Gulshan Homes, Divine India, IITL Nimbus Hyde Park, Imperial Housing Venture, Paras Seasons Haven, and Sunworld Developers also have registered projects.
In conclusion, this is a crucial moment for the Noida real estate industry as well as potential homeowners, emphasizing the necessity for builders to take immediate action and adhere to the authorities' guidelines. The Noida Authority continues to hold developers accountable, ensuring they abide by their obligations, thereby supporting homeownership aspirations in the region.
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