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The Greater Noida Industrial Development Authority (GNIDA)'s penalty waiver initiative has facilitated over 11,500 property registrations since December 2023, easing legal disputes. 6,500 homebuyers have benefited from the scheme, introduced to assist 40,000 buyers impacted by stalled projects. Many were unable to register their flats due to developer's; unpaid dues. The waiver, effective from July 2024 to January 2025, relieved buyers of penalties up to INR 2.5 lakh. With many still struggling financially, GNIDA's upcoming board meeting will decide whether to extend the waiver, significantly impacting property ownership and buyer relief efforts in Greater Noida.
Officials from GNIDA stated that the initiative has led to a significant increase in property registrations and helped reduce legal disputes. "Since the government's policy for stalled projects was implemented in December 2023, over 11,500 registries have been executed. Out of these, 6,500 homebuyers availed of the penalty waiver benefits," said Saumya Srivastava, Officer on Special Duty (OSD) at GNIDA. Advertisement
The penalty waiver was originally introduced to assist nearly 40,000 homebuyers across numerous stalled projects. Despite receiving occupancy certificates, many buyers were unable to register their flats due to their developers' failure to clear dues, leaving them without legal ownership of their flats.
In 2018, GNIDA had granted a similar waiver, which allowed buyers to register their flats without penalties. However, those whose developers had outstanding dues were still barred from completing the process. Once the waiver window closed, these buyers faced daily penalties INR 50 for flats under 100 sqm and INR 100 for larger homes. As a result, many accumulated fines of INR 2 lakh to INR 2.5 lakh each.
The issue gained further attention in December 2023 when the Uttar Pradesh government introduced a rehabilitation policy for stalled projects. Under this policy, 78 builders in Greater Noida benefited from a "zero-period" waiver on interest and penalties accrued during the COVID-19 pandemic, provided they paid 25% of their recalculated dues upfront.
In early 2024, homebuyer groups petitioned GNIDA to waive these fines. Following discussions at a board meeting in June 2024, the authority approved a six-month penalty waiver, which was effective from July 22, 2024, to January 31, 2025. With thousands of buyers benefiting from this relief but many still struggling to gather the necessary funds, the upcoming board meeting will decide whether to extend the waiver.
The upcoming GNIDA board meeting will decide whether to extend the penalty waiver for homebuyers in Greater Noida. The waiver, which has already assisted thousands of buyers, has helped reduce legal disputes and encouraged property registrations. However, many homebuyers are still unable to register their flats due to financial struggles. Homebuyer groups continue to urge GNIDA to extend the waiver, and the authority's decision will have a significant impact on the legal ownership of properties for those still facing financial constraints.
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