The Noida Authority is taking significant strides to address the protracted issue of stalled real estate projects by facilitating the registration of more than 13,000 flats across various developments. With 35 developers committing to settle outstanding dues under Uttar Pradesh's rehabilitation package, aimed at resolving stalled projects, officials emphasize their dedication to prioritizing homebuyers' interests. Initial payments from developers, recalculated to reflect package benefits, are anticipated to exceed INR 500 crore, with 12 developers already settling dues, enabling registration of approximately 1,200 flats. Amidst an estimated INR 44,700 crore in outstanding dues, initiatives including special registration camps aim to expedite processes and alleviate burdens on homebuyers, underscoring efforts to revive the region's real estate sector.
The Noida Authority has taken key steps towards resolving the long-standing issue of stuck real estate projects by announcing the registration of over 13,000 flats across various developments. This move comes as 35 real estate developers have stepped forward to settle their outstanding dues under the Uttar Pradesh government's rehabilitation package for stalled projects.
Officials reveal that out of the 57 developers approached, 35 have agreed to pay the initial 25 percent of their total dues, which have been recalculated to reflect the benefits provided by the rehabilitation package. Officials say that homebuyers are their utmost priority and these measures will serve as a key step towards providing relief to homebuyers.
The Noida Authority anticipates receiving over INR 500 crore from the initial payments made by developers. Already, 12 developers have settled their dues, receiving permission for the registration of approximately 1,200 flats.
Under the rehabilitation package, approved by the Uttar Pradesh government based on recommendations from the Amitabh Kant committee, builders are eligible for waivers on penal interest accrued between April 1, 2020, and March 31, 2022, due to disruptions caused by the COVID-19 pandemic and court orders affecting construction.
The outstanding dues owed by developers to authorities in Gautam Budh Nagar are estimated at around INR 44,700 crore, with INR 26,000 crore owed to the Noida Authority, INR 14,000 crore to the Greater Noida Authority, and INR 4,700 crore to the Yamuna Expressway Industrial Development Authority (YEIDA). It is estimated that there are approximately 2.4 lakh distressed housing units in the region, of which 1.2 lakh flats are yet to be delivered.
In a bid to expedite the registration process and ease the burden on homebuyers, the Noida Authority has announced the establishment of special camps at housing societies. These camps, which will include staff from the Noida Authority, stamp and registration department, and district administration, aim to ensure smooth execution of registries. The first of these camps is scheduled to be held on March 1, 2024, at the Express Zenith housing complex in Sector 77.
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