At least five real estate developers in Noida have received permission to execute registries for 1084 apartments, with two more expected to follow suit soon. The Noida Authority granted these permissions after developers paid 25% of their total dues, benefiting from a UP government-approved policy. The waiver of penal interest during the Covid-19 period and construction disruptions due to court orders is part of this policy. The move aims to address homebuyer concerns and streamline the registry process. Other developers in talks with the Noida Authority are expected to follow suit, potentially leading to permissions for around 3,000 ready apartments across 31 stalled housing projects.
At least five real estate developers have received permission for executing registries of 1084 apartments in Noida, with two more expected to pay soon. The Noida Authority granted registry permissions after developers paid 25% of their total dues under a policy approved by the UP government. Under the policy the developers get waivers on penal interest for two years during the Covid-19 period and also for the period when the construction work got disrupted due to court orders.
This is the first lot of apartments to receive permission for registration under the policy. The registry of these 1084 apartments is likely to begin in February as the authority's planning department is processing the formalities. The move aims to ease homebuyer concerns and facilitate the resolution of registry-related issues.
Lokesh M, the Chief Executive Officer of the Noida Authority, expressed the authority's commitment to informing all developers about the policy. As developers adhere to the stipulated guidelines and clear their dues, the authority will continue to grant permission for apartment registries, ensuring a streamlined process similar to the one observed for these five developers.
Of the five projects now eligible for registry, IITL Nimbus -Hyde Park in Sector 78 has cleared all dues, while others like Capital Infra projects - The Golden Palm in Sector 168, Divine India Infrastructure - Divine Meadows in Sector 108, HR Oracle - Elite Homz in Sector 77, and Aims RG Angel - Aims Project (Eco City) in Sector 75 have paid major portions of their dues. Additionally, Sunshine Infrawell Helios in Sector 78 and Gulshan Homes Gulshan Ikebana in Sector 143 are expected to fulfill their dues shortly.
Noida Authority officials held discussions with other developers at their sector 29 office to address any outstanding issues and expedite the registry process for more units. The promoters of these 31 complete stalled housing projects have shown their intent to pay the land cost dues, after penal interest deduction, to become eligible for registries. The Noida Authority anticipates issuing permissions for the execution of registries for approximately 3,000 ready apartments across these 31 stalled housing projects.
Dinesh Gupta, the Secretary of the Confederation of Real Estate Developers Association of India (CREDAI) western UP, appreciated the policy, recognizing its benefits for both developers and apartment buyers. He expressed hope that more projects would soon receive permissions for registry, further resolving related issues.
In conclusion, the progress made by real estate developers in Noida towards clearing land dues and obtaining registry permissions signifies a positive step towards addressing homebuyer concerns and facilitating smoother transactions in the real estate market.
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