Noida to Start Registration for Stalled Housing Projects

Introduction

Exciting news for homeowners in Noida! The city is all set to kickstart the registration of stalled housing projects. This development gives hope to those waiting for its completion. Although 42 builder groups have promised to clear their dues to the Noida authority, only 15 have paid 25 percent of their dues so far. The Noida Authority will agree with those who do not adhere to the payment schedule of residential projects.

Table of Contents

• First-Phase Registrations Have Started
• Past Initiatives of the Noida Authority for Stalled Housing Projects
• Completion of Registration Process Soon: Officials
• UP Government Steps to Revive Stalled Projects in Noida
• Noida Authority is Worried About the Response of the Developers
• What was the Amitabh Kant Committee Report in Noida?
• UP Government for Residential Projects in Noida Latest Update (2024)

Although 42 builder groups have promised to clear their dues to the Noida authority, so far, only 15 people have paid 25 per cent of their dues. The authority is keen to convince the remaining Noida developers to pay their dues to ensure that the registration process for stalled projects is completed. The authority has warned that failure to pay dues could result in legal action being taken against the developers. They have also emphasized the importance of timely payments to expedite the completion of stalled projects and provide relief to homebuyers.

First-Phase Registrations Have Started

A panel headed by former NITI Aayog CEO Amitabh Kant has relaxed the norms for clearance of bad debts. It recommended a new panel to make the process more efficient and less time-consuming. Earlier this year, the Greater Noida Authority will clear the way for around 13,000 apartment registries. The move is expected to benefit a large number of stalled projects in Greater Noida. First phase registrations started on March 1, 2024.

About 42 of the 57 Nodia developers have agreed to pay 25 percent of the dues upfront to make their projects eligible for registries. This decision was taken to speed up the process of registering their projects and avoid any delay. Out of those 42, 15 builders have paid dues so far. Other developers will follow suit in the coming weeks.

Past Initiatives of the Noida Authority for Stalled Housing Projects

Earlier, seven defaulting builders had signed an agreement with Noida authorities to kickstart housing projects that had been stalled for years. The agreement included strict deadlines for completion and penalties for any delays. With this agreement, the authorities aim to initiate registrations of around 1,084 stalled housing projects in Noida.

The Noida authorities also mandated regular progress reports to be submitted to ensure transparency and accountability throughout the construction process. The monitoring committee was established to oversee the implementation of the agreement and address any issues that may arise.

According to media reports these housing projects belong to seven defaulting builders. Homes & Infrastructure is located in Sectors 75, and 143, 78, 168, 108 in Noida.

1. M/s IITL Nimbus
2. M/s Capital Infra projects
3. M/s AIMS RG Angel Promoters
4. M/s Sunshine Infravel
5. M/s Divine India Infrastructure
6. M/s HR Oracle Developers
7. M/s Gulshan

Completion of Registration Process Soon: Officials

The move came after the Uttar Pradesh government decided to implement it. In December 2023, Amitabh Kant released the committee report to revive stalled housing projects in Noida. The report recommended setting up a distress fund to provide financial assistance to developers. The move aims to provide relief to home buyers and boost the real estate sector in the region.

According to officials, most builders need to pay at least 25 percent of the dues to initiate registration. The rest of the builders said they would pay within 60 days. This requirement is to ensure that builders are financially committed to completing the registration process. Developers will spend a total of Rs. 350 crores to be paid. It will entitle the long-awaited registry of 6,500 apartments.

UP Government Steps to Revive Stalled Projects in Noida

As per news reports, there are 57,000 stalled housing projects in Noida. This has left thousands of homebuyers in a state of uncertainty and financial distress. The government has announced measures to address the issue and expedite the completion of these projects. Increasing dues on builders. Litigations and criminal cases against realtors are the major reason for this delay.

The Uttar Pradesh Government has implemented some of the recommendations of the Amitabh Kant report. These include initiatives to improve ease of doing business, attract investment, and boost economic growth in the state. The government has also introduced policies to reduce red tape for businesses. The following are the key factors considered by the UP Government for residential projects in Noida:

• A two-year ‘zero-period‘ grace period
• 3 years extension without any late fee
• If a co-developer was introduced, the builder could not complete the project
• Relaxation of mortgage conditions
• Payment of land dues in installments over three years

Noida Authority is Worried About the Response of the Developers

The new agreement has already piqued the interest of many developers. The concerns over actual implementation are troubling the Noida authority. Only 13 out of 57 realtors came forward with their consent letters. The Noida authority is facing challenges in ensuring all realtors comply with the new agreement. This lack of participation may hinder the successful implementation of the new regulations.

The Noida Authority must address these concerns promptly and effectively to avoid any delays or setbacks in development projects. A smooth transition to the new deal requires clear communication and support from all stakeholders. Even leading builders like Omaxe, Aims Max Gardenia, and Pan Realtors have yet to show their consent. The Noida Authority has finally decided that after February 22, 2024, realtors will not be entitled to any concessions and exemptions without consent.

What was the Amitabh Kant Committee Report in Noida?

Headed by Amitabh Kant, former NITI Aayog CEO and G20 Sherpas, the Amitabh Kant Committee was set up by the Union Ministry of Housing and Urban Affairs (MoHUA). The committee’s main objective is to suggest reforms in the urban planning Housing development system in India. It aims to improve the quality of residential projects provided to urban planners to meet the growing demands of urban development.

The recommendations of both committees were accepted by the Uttar Pradesh Cabinet. The committee stated that the main reason for the delay in real estate projects is the lack of financial capacity. They stressed the importance of securing adequate funding for the timely completion of construction and development.

Of the 4.12 lakhs stressed projects, 2.40 lakhs projects are in the National Capital Region (NCR), according to the Indian Bank Association (IBA). They recommended exploring alternative financing options to minimize potential future delays. That will add 3 lakhs housing units to the real estate sector.

UP Government for Residential Projects in Noida Latest Update (2024)

The CEO directed the officials to hold meetings with the builders and convince them to pay the dues in the Noida real estate. Some of the builders include Mahagun Builders, Prateek Buildtech, Great Value Builder Pvt Ltd, RG Builders, and Divine Residency. At present 42 out of 57 Noida developers have come forward to pay dues to Noida Authority. About 15 of them have already deposited 25 percent of their dues. Of the 1500 units to be registered, 320 have already been completed.

As soon as the remaining 27 builders deposit the entire amount, the registration process for around 7,500 units will begin. This progress is a positive sign for the real estate sector in Noida. As it shows developers are taking responsibility for their financial obligations. The completion of the registration process will provide relief to both homebuyers and the Noida Authority.

Conclusion

The opening of registration for Noida’s stalled housing residential projects will bring relief to home buyers who are waiting for their houses to be complete. This initiative is expecting to boost the real estate sector in Noida and improve investor confidence in the region.

Overall, the registration process helps in the speedy completion of stalled housing projects and ensures that home buyers get their properties on time. It also demonstrates the government’s commitment to addressing issues in the real estate market and promoting growth in the region. For more information, visit openplot.

Also read Greater Noida Commercial Plot Scheme: Things You Need to Know Greater Noida Commercial Plot Scheme: The Greater Noida Industrial Development Authority (GNIDA) has introduced a scheme for the development of shopping malls, shopping complexes, and hotels in various sectors of the city. Apartment Prices in Noida Are Increasing Day by Day The average price of an apartment in Noida has increased significantly, from ₹1.24 crore in 2022 to ₹1.68 crore in 2023. This increase in prices has further increased the attractiveness of the Noida residential market. YEIDA Plot Scheme 2024: YEIDA to Launch 6,500 Housing Scheme Near Noida Airport The Yamuna Expressway Industrial Development Authority (YEIDA) will launch a total of 6,500 plots of 30 square meters near Noida Airport. Officials said that each would cost around Rs 8 lakh. Being close to the Noida airport, transportation is not a problem.

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