Noida Authority struggles as only 14 out of 57 projects sign up for UP government's rehabilitation package, despite much efforts. This package was initiated based on Amitabh Kant-led panel recommendations and it aims to address issues of pending dues and flat registrations. Of the identified projects, builders of 35 agreed to the deal and about 14 submitted 25% of recalculated dues, enabling registration of 4,000 flats. The Authority anticipates more registrations in April as builders consider deposits in the new financial year. The Stamps department has organised camps to expedite registries, registering 500 flats so far.
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The Noida Authority confronts a challenge as only 14 out of 57 projects engage with the UP government's rehabilitation package. Despite concerted efforts, slow progress in dues submission is hampering flat registrations. Initiated last December based on recommendations by a panel led by Amitabh Kant, the package targets projects stalled due to outstanding payments. Identified projects comprise 32,453 flats, with most handed over but unregistered. Of these, builders of 35 projects, encompassing 13,639 flats, have opted for the government deal.
However, of the 35 projects only 14 projects submitted 25% of recalculated dues, a prerequisite for accessing zero period waivers on penal interest incurred during the pandemic's two years.
The advance payment enables registration of approximately 4,000 flats, yet only 500 are registered thus far. These 500 registrations have boosted Authority revenue by INR 112 crore.
Lokesh M, the Authority's CEO, notes that builders of the remaining 22 projects, who consented to the rehab package, contemplate depositing the 25% advance in the new fiscal year. Thus he foresees a surge in registrations in April. Continuous communication with these builders is emphasised to expedite dues submission.
The stamps department is organising camps in housing societies to streamline the registration process. Notably, on March 1, a camp at Express Zenith Society in Sector 77 facilitated 55 registries. Similar initiatives at Indira Gandhi Kala Kendra in Sector 6 have resulted in the registration of 500 flats across multiple camps. However, residents express discontent over the sluggish pace of registries, some resorting to banners and posters, threatening to abstain from voting in the upcoming Lok Sabha polls if their flats remain unregistered.
The state government unveiled its rehab plan for stalled projects on December 21. Subsequently, the Noida Authority identified 57 such projects and convened a meeting with their developers. Out of the invited 57 projects, builders from 35 projects participated and approved the proposed deal.
In Greater Noida, progress is relatively more promising, with 1,365 flats across 16 projects registered so far. Builders of these projects have duly deposited the advance amount, totaling INR 73 crore. This underscores a more proactive stance in addressing stalled projects and facilitating flat registrations.
The situation in Noida underscores the complexities involved in revitalising stalled projects and streamlining bureaucratic procedures to expedite essential processes like flat registrations. Despite concerted efforts by both the Authority and builders, challenges persist, necessitating continuous dialogue and proactive measures to overcome hurdles and meet the housing needs of residents in a timely and efficient manner.
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