Five developers pay their land dues, obtain permission for registry

The five housing projects are IITL Nimbus’ Hyde Park in Sector 78; Capital Infra Projects’ The Golden Palm in Sector 168; Divine India Infrastructure’s Divine Meadows in Sector 108; HR Oracle’s Elite Homz in Sector 77; and Aims RG Angel’s Aims Project (Eco City) in Sector 75

At least five developers have paid a portion of their land dues to the Noida authority, and obtained permission for executing registries of 1,084 apartments in housing projects that they developed in Noida, the authority officials in the know of the matter said on Wednesday.

Divine India Infrastructure’s Divine Meadows in Sector 108 paid ₹3.51 crore in land dues to the authority and became eligible for registries. (Sunil Ghosh.HT Archive)

After developers paid 25% of their total dues, the Noida authority on Tuesday issued permission for registry of flats in housing projects of these developers, in accordance with the policy approved by the state government on December 21, 2023. Two more developers will pay the dues in the coming days, said officials.

Under the policy, the developers get waivers on penal interest for two years -- the Covid-19 period -- and also for the period when construction work got disrupted due to court orders. After deducting penal interests, these seven developers paid 25% of the total dues to become eligible for registry of apartments, officials said.

“We are in talks with developers and have informed them about the policy. As and when the realtors will pay the dues, as per the new state policy, we will keep issuing permission for registry of apartments like we have done in the case of these seven developers,” said Lokesh M, chief executive officer of the Noida authority.

The five housing projects are IITL Nimbus’ Hyde Park in Sector 78, which has left no dues to pay; Capital Infra Projects’ The Golden Palm in Sector 168, which paid ₹1.65 crore; Divine India Infrastructure’s Divine Meadows in Sector 108, which paid ₹3.51 crore; HR Oracle’s Elite Homz in Sector 77, which paid ₹8.2 lakh dues; and Aims RG Angel’s Aims Project (Eco City) in Sector 75, which paid ₹99 lakh dues to become eligible for the registry of apartments.

The two remaining builders will pay their dues in the next couple of days and they have agreed in principle to make the payment, said authority officials. These two projects are Sunshine Infrawel’s Helios in Sector 78 and Gulshan Homes’ Gulshan Ikebana in Sector 143.

The Noida authority is likely to issue permission for execution of registry of at least 3,000 ready apartments in 31 finished housing projects by offering builders penal interest waivers under the new state government policy, said officials.

The registry of these 1,084 apartments is likely to be start in February, said authority officials. This is the first lot of apartments to get permission for registry under the new policy, they said.

The promoters of these 31 stalled housing projects have shown their intent to pay the land cost dues, after penal interest deductions, to become eligible for registries.

The Noida authority officials on Wednesday held a meeting with the realtors in Sector 29 office and tried to resolve the issues so that registry of more units can take place, said officials.

The Confederation of Real Estate Developers Association of India (CREDAI) western UP secretary Dinesh Gupta said, “The policy will help both realtors and apartment buyers, thereby resolving issues related to flat registry. We wish other projects also soon get permission for registries.”