Noida Authority requires developers to execute registers of units and pay dues

Official estimates show that real estate developers in Gautam Budh Nagar owe the development authority approximately Rs 44,700 crore. They owe about Rs 26,000 crore to the Noida Authority.

The Noida Authority has instructed developers who have deposited the initial 25% of their dues to complete the registry of apartments in their projects within 15 days. Officials stated that the Authority has approved the registration of around 1,400 flats in 15 different developers' projects, but only 300 have been completed thus far.

According to authority officials, despite clearance for the registry of flats, customers are denied ownership rights since builders are failing to implement these registries.

The authority stated that as many as 15 developers had deposited the requisite 25% of their dues with the authority by April 9 of this year, after which over 1400 registries were approved in their projects, but as many as 1,100 registries remained outstanding across 15 projects.

Officials said that Noida Authority Chief Executive Officer, Lokesh M, had also conducted a review meeting on April 10 to take stock of registry execution progress, where he was told that only 300 flat registries could have been executed across 15 projects, and some developers have yet to complete the registries.

The CEO stated that homeowners' interests should not be jeopardized and directed these developers to execute any outstanding registries as soon as possible. He also asked CREDAI members to persuade other builders who have not paid their dues to make payments so that additional homeowners can be granted ownership rights, a top Noida Authority official who attended the meeting told Moneycontrol.

Official estimates show that real estate developers in Gautam Budh Nagar owe the development authority approximately Rs 44,700 crore. They owe about Rs 26,000 crore to the Noida Authority. The Noida Authority has permitted for registration leeway after the Uttar Pradesh government embraced the suggestions of the Amitabh Kant committee on legacy blocked housing projects, which delivered its report in August 2023.

Officials stated that 57 builders must pay land dues to the Authority, with approximately 42 developers agreeing to take advantage of the rehabilitation package and deposit 25% of their dues. "But out of 42, only 15 developers have deposited the amount, while 27 are yet to make payment," the official went on to say.