Introduction
The Noida authority has asked developers who have deposited the first 25 percent of their dues to implement the registry of flats in their projects within 15 days. Failure to comply with this directive may result in penalties or further delay in project completion. A flats registry provides transparency and clarity to buyers regarding their property ownership status.
Table of Contents
- 1400 Registries Have Been Allowed
- Real Estate in Gautam Budh Nagar
- Progress Toward Finding a Solution
This move by the Noida Authority is aimed at protecting the interests of home buyers and the timely completion of real estate projects. Officials said that despite the authority’s approval of a registry of around 1,400 apartments in projects by 15 different developers, only 300 have been implemented so far.
Despite the approval of the flats registry, builders are not implementing these registries. Due to this, home buyers are losing their ownership rights, officials said. The lack of implementation of the flats registry is causing confusion and legal disputes among homeowners. Authorities are urging builders to comply with regulations to protect the rights of home buyers.
1400 Registries Have Been Allowed
Till April 9 this year, 15 developers have deposited the required 25 percent of their dues with the authority, the developers said. Since then over 1400 registries have been allowed in their projects. However, the authority has officially announced that 1,100 registries are pending in 15 projects.
The developers are confident that the pending registries will be processed soon, allowing buyers to take possession of their properties. They are working closely with the authorities to ensure all requirements are met for a smooth transition.
Noida Authority Chief Executive Officer, Lokesh M also held a review meeting on April 10 to review the progress of the registry execution. He said that only 300 flat registries will be implemented in 15 projects. He said that the registries are not yet complete. It was said in the meeting that the remaining registries were stopped because the buyers did not pay even the 25 percent amount that they were supposed to pay.
Real Estate in Gautam Budh Nagar
Real estate developers in Gautam Budh Nagar currently owe development authorities around Rs 44,700 crores. This includes about Rs.26,000 crores owed to the Noida Authority. Recently, the Noida Authority has provided flexibility in registrations. This comes after the Uttar Pradesh government accepted the recommendations of the Amitabh Kant Committee on Legacy Stalled Housing Projects in December 2023.
Progress Toward Finding a Solution
Officials said that a total of 57 builders owe dues to the authority, of which 42 developers have agreed to receive a rehabilitation package, while the remaining 15 builders are negotiating with the authority to settle their land dues. The resettlement package includes options for alternative land or financial compensation.
Officials are hoping that 57 builders will give their consent soon so that development programs can go smoothly. Negotiations are ongoing and progress is being made towards finding a solution for all parties involved. “But only 15 of the 42 developers have deposited the amount. 27 are yet to make payments,” the official said.
Conclusion
Real estate developers in Gautam Budh Nagar currently owe development authorities around Rs 44,700 crores. This situation has raised concerns about the overall health of the real estate market in the region. Developers are urged to complete these projects quickly to reduce financial burden and deliver on time to buyers. Officials are also exploring legal options to recover dues and avoid further delays in the future. For more information, visit openplot.
Also read: Gulshan Dynasty Property Prices In Noida Have Skyrocketed!