Noida directs real estate developers to pay dues, obtain registry permission - Hindustan Times
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Noida directs real estate developers to pay dues, obtain registry permission

By, Noida
May 10, 2024 06:16 AM IST

Noida Authority has made it clear to realtors that if they do not use the scheme and pay dues, it will have to attach the property, and cancel the allotment

The Noida authority on May 9 directed real estate developers to clear their dues and obtain permission for registry of the apartments in favour of thousands of home-buyers who have been suffering for last many years.

The authority’s direction came during a meeting held in Sector 6 office with the realtors on Thursday evening. The developers assured the authority that they will pay the land cost dues and obtain permission for registries. (HT Photo)
The authority’s direction came during a meeting held in Sector 6 office with the realtors on Thursday evening. The developers assured the authority that they will pay the land cost dues and obtain permission for registries. (HT Photo)

The authority’s direction came during a meeting held in Sector 6 office with the realtors in the evening. The developers assured the authority that they will pay the land cost dues and obtain permission for the registries.

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The Uttar Pradesh government had on December 21, 2023 approved a policy for the stalled legacy housing projects. Under the policy, a realtor was supposed to get interest waivers for two years during Covid 19, pay 25 percent of the land cost dues in 60 days, and pay the remaining 75 percent in one to three years.

However, few realtors have come forward to use this scheme, thereby, affecting the interests of the homebuyers and the authority failing to get its revenue of around 14,000 crore.

“We have directed the realtors to use the scheme and pay the dues at the earliest else the authority will take action as per the rules. So far, only 16 realtors have paid their 115 crore dues and obtained a registry only for around 1,400 apartments,” said Lokesh M.

Only 525 registries have taken place so far

“So far only 525 registries have taken place. We have directed the realtors to come forward and use the scheme. At least 42 out of 57 realtors had given consent to use the scheme. We have asked the remaining to use the scheme,” he added.

“We will send a report about today’s meeting to the state government that has sought a report about this,” the CEO informed.

Apart from this, neighbouring Greater Noida authority has recovered 276 crore from 40 realtors out of 96, which are stuck and delayed.

Also Read: UP govt asks Noida, Greater Noida to cancel allotments of realtors who still have land dues

“We have executed 2,637 apartment registries after the realtors paid the dues as per the state government’s policy. We will get around 1,200 crore dues from 40 projects,” said chief executive officer (Greater Noida authority) Ravikumar NG.

The authority has made it clear during a meeting held with the realtors on Wednesday in Greater Noida’s Knowledge Park-IV office that if they will not use the scheme and pay the dues then it will have to attach the property, and cancel the allotment of the housing project.

All about the stalled legacy housing project policy

Uttar Pradesh chief minister Yogi Adityanath, under his government’s campaign to address homebuyers’ plight, approved a “stalled legacy housing project” on December 21, 2023, offering waivers on interest and penalties, the officials said.

Also Read: Noida authority allows registration of 13,639 apartments

The policy was meant to help a large section of homebuyers in Noida, Greater Noida and Yamuna expressway areas, where an estimated 240,000 to 350,000 housing units are currently lying stalled owing to several reasons.

The Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ lobbying group, were present in both the meetings held in Greater Noida on May 8 and in Noida on May 9.

Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

“The realtors are using the scheme and getting registry permission. We are pursuing more and more realtors to use the scheme and help buyers get registry done,” said secretary (CREDAI) Dinesh Gupta.

Also Read: Nearly 2.5 lakh homebuyers to benefit as Amitabh Kant committee recommendations get UP govt nod

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