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Uttar Pradesh Chief Secretary Manoj Kumar Singh recently handed over property registration documents to residents of Migsun Green Mansion in Greater Noida, ending years of delay caused by regulatory hurdles. Registrations had stalled due to the developer exceeding the approved FAR, with UPSIDC withholding occupancy certificates. A policy introduced in December 2023 allowed developers to pay 25% of dues upfront and clear the rest in installments to resume registrations. This move has enabled thousands of registrations across stalled projects, including over 3,600 flats in Noida. The initiative has brought relief to homebuyers and aims to rebuild trust in the real estate sector.
Uttar Pradesh Chief Secretary Shri Manoj Kumar Singh recently handed over property registration documents to residents of Migsun Green Mansion in Greater Noida. This event marked the end of a prolonged wait for homeowners who had been unable to register their properties due to regulatory hurdles. Advertisement
The delay in property registrations stemmed from the Uttar Pradesh State Industrial Development Corporation (UPSIDC) withholding occupancy certificates. The developer had constructed buildings exceeding the approved Floor Area Ratio (FAR), leading to regulatory non-compliance. Although the developer obtained approval for a higher FAR, the UPSIDC did not issue the necessary occupancy certificates, preventing homeowners from registering their properties.
Recognizing the challenges faced by homebuyers, the Uttar Pradesh government introduced a policy in December 2023 aimed at resolving such issues. Under this policy, developers are required to pay 25% of their outstanding dues to obtain permissions for property registrations. The remaining dues can be paid in installments over a specified period.
The implementation of this policy has facilitated the registration of thousands of properties in Noida and Greater Noida. For instance, the Noida Authority has collected over ?533 crore in dues, enabling the registration of more than 3,600 apartments across 27 stalled housing projects.
The government's proactive measures have provided relief to numerous homebuyers and are expected to restore confidence in the real estate sector. Continued enforcement of these policies will be crucial in ensuring timely property registrations and safeguarding the interests of homeowners.
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