The Noida administration approves the registration of 13,639 flats

As many as 35 real estate developers have submitted their agreement to pay 25% of total dues to the Noida Authority to be eligible for the units' registry.

The Noida government announced on Sunday that it has approved the registration of a total of 13,639 units after realtors from 35 housing projects agreed to satisfy their financial obligations.

The developers have agreed to pay ₹552 crore, or 25% of the total dues of ₹2,000 crore, to register ready apartments.

The Noida authority grants authorization for the registry once a developer pays 25% of their total dues under the policy established by the Uttar Pradesh government on December 21, 2023.

A new policy

The policy exempts developers from paying penal interest for two years during the COVID-19 period, as well as for the period when building progress was halted owing to court rulings.

After deducting the penal interests, these 35 developers have agreed to pay 25% of the total dues in order to be eligible for the apartment registry, according to Noida authority authorities.

So far, 14 developers have paid the Authority ₹112 crore.

14 realtors have already paid ₹112 crore and received approval to register 500 flats. We completed 500 unit owners registries by organizing a camp first in the sector 77 housing complex and then in our main administrative office in sector 6," said Lokesh M, the Noida authority's CEO.

The authorities stated that once all 21 realtors who have given their assent pay their dues, they would be granted authorization by the registration to build at least 32,453 more flats.

We hope that the remaining 21 promoters will clear their dues and get permission in April month as they have given the consent after pursuance and a lot of meetings with each realtor, said the company's chief executive officer.

Chief Minister Yogi Adityanath urged the Noida authority by the end of December 2023 to ensure that homebuyers get possession and flat registration without delay.

The Noida government is having a significant hurdle in convincing at least 22 realtors who have yet to come forward to clear their financial obligations to become eligible for the registry of units in their various housing developments.

Why are real estate developers hesitant to pay their dues?

These developers are hesitant to pay their bills, even though the authority has provided them concessions under a new December 21, 2023 policy aimed at stalled legacy housing projects"

One of these realtors, who requested anonymity, stated that they would not participate in this scheme or pay dues until the authority provides them with two waivers at the same time: two years for the Covid 19 period and the period when construction was halted due to the national green tribunal's construction ban. Meanwhile, the authority is first offering two-year Covid-19 term waivers and urging individuals to clear the dues.

Manoj Kumar Singh, additional chief secretary, who is also the state's infrastructure and industrial development commissioner and chairman of the Noida authority, stated, We are giving Covid 19 waiver, and once they get it and pay 25% of the dues, we will issue permission for the registry.

However, if we grant waivers for the Covid-19 and NGT construction ban periods, the authority will suffer significant financial losses. As a result, we are chasing the realtors to pay their dues and clear the way for the registry, he said.

Source: Hindustan Times