The Greater Noida Industrial Development Authority (GNIDA) oversaw 1,000 flat registrations across 30 group housing societies as part of a state government rehabilitation package for stalled projects. Plans are set for an additional 10,000 registrations, with the majority in Greater Noida West. Developers owe INR 1,800 crore, with relief options available. Consent obtained from 75 out of 96 defaulter projects may lead to 15,000 flat registrations. Similar initiatives in Noida and Yamuna aim to streamline processes, fostering trust and development.
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Between February 26 and March 15, the Greater Noida Industrial Development Authority (GNIDA) oversaw the execution of over 1,000 flat registrations across more than 30 group housing societies as part of the state government's rehabilitation package for stalled projects. Looking ahead, the Authority has ambitious plans to conduct an additional 10,000 such registrations in the upcoming months.
Data provided by GNIDA indicates that the majority of these registrations took place in projects located in Greater Noida West, including Coco County (104), Nirala Estate (172), Panchsheel Greens (110), and Happy Trails (73), among others. Additionally, registrations were carried out in Purvanchal Royal City (302) in Chi 5, and Migsun (24) in Omicron 3, among other locations.
Officials have highlighted that developers of these 30-plus projects collectively owe dues amounting to INR 1,800 crore, considering the relief provided during the COVID-19 pandemic from April 2020 to March 2022. Under the government's rehabilitation package, developers have the opportunity to avail relief by initially paying 25% of the revised dues within two months, with the remaining amount to be paid throughout one to three years, depending on the extent of the dues.
Consent has been obtained from developers of approximately 75 projects out of a total of 96 defaulter projects regarding the government's rehabilitation package. These 96 builders owe approximately INR 4,500 crore to the Authority, with about 21% relief offered in interest and penal interest for two years. It is anticipated that if deals with all these 45 projects are finalised, it will pave the way for the registration of around 15,000 flats.
Similar initiatives are also underway by the Noida and Yamuna authorities to facilitate flat registrations. The Noida Authority has initiated special drives in various housing societies, where officials from the sub registrar's office, the Authority, and the builders are facilitating the registration process for flat buyers.
In summary, these efforts by the authorities aim to provide relief to homebuyers affected by stalled projects and streamline the registration process for flats, thereby fostering trust and confidence among buyers and developers alike. By addressing the backlog of stalled projects and ensuring transparent and efficient registration procedures, the authorities are contributing to the overall growth and development of the real estate sector in the region.
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