Greater Noida Authority Approves 5,000 Apartments, Encouraging the Real Estate Industry
By Bricksnwall | 2023-12-07
The Greater Noida Industrial Development Authority
(GNIDA) has issued occupancy certificates (OCs) to more than 20 housing
complexes in the last four months, which is a noteworthy achievement. With the
settlement of developer dues amounting to Rs 100 crore, this action has made it
easier for almost 5,000 purchasers to start the registration procedure. The
state government has received Rs 150 crore in revenue from these transactions'
stamp duty payments.
Land Cost Dues and No Dues?Requirement for
Certificate
As per the established guidelines, a housing
project can only receive an occupancy certificate from GNIDA once the promoter
has fulfilled all the necessary criteria, such as fire clearance and lift
safety, and has settled the land cost dues. Additionally, a no dues certificate
must be obtained. According to GNIDA statistics, approximately 100 home
developments in Greater Noida still owe land cost, totaling close to Rs 14,000
crore.
The Rehabilitation Package for Stalled Projects by
the Government
According to media sources, the government is
getting ready to reveal a rehabilitation plan for developers of Greater Noida
projects that have reached a standstill, based on advice from an expert group
constituted by the government. The panel suggests that developer dues be
released from the flat registry if the project is included in
the remodeling package.
Benefits for the Real Estate Industry
Experts in the field predict that acquiring OCs for
5,000 flats will have a favorable effect on the real estate market by spurring
expansion. Real estate values have increased as a result of the Noida
International Airport project, allowing developers to pay off land cost
obligations and obtain occupancy certifications to complete projects
on schedule.
With this recent action, GNIDA hopes to create a more advantageous climate for developers and homebuyers by streamlining regulatory procedures and guaranteeing the prompt completion of real estate projects.
