Covid-19 effect: Only one commercial project manages to get permission for registry

NOIDA: Out of 15 big commercial projects, only one project in Sector 75 has got permission between April and December this year for registry execution to buyers

NOIDA: Out of 15 big commercial projects, only one project in Sector 75 has got permission between April and December this year for registry execution to buyers after it deposited the lease rent, officials of the Noida authority said on Wednesday. The remaining 14 commercial projects have turned defaulters due to the negative impact of the Covid-19 pandemic on the realty sector, said the officials.

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“We issue permission for registry of commercial space in a shopping mall only if the developer deposits lease rent. Since April this year, no commercial allottee came forward to deposit the financial dues except one due to the pandemic. Only Spectrum Mall has obtained permission for lease after depositing the dues,” said Kumar Sanjay, Noida authority’s officer on special duty who looks after the commercial department.

As per the rules, once a commercial project is ready, the developer has to first obtain the occupancy certificate and subsequently it has to deposit lease rent to the Noida authority to seek permission for executing registry in the name of property buyers.

The authority said that the promoter of Spectrum Metro has deposited ₹17 crore lease rent.

The Noida authority has been struggling to recover around ₹500 crore financial dues from commercial projects, the officials said. As a result, many property buyers are unable to get the registry done, they said.

Amit Kumar, executive director of Spectrum Metro project, said, “Right after getting the permission, we started registry to buyers on Tuesday. Now, our buyers can get their registry done in the project that has around 6 lakh square feet commercial space ready.”

Property buyers of Spectrum Metro project have expressed happiness. “We are so fortunate that we can get our registry done for the space in Spectrum Metro during this tough times. We are happy at getting our commercial space on time,” said Rashmi Bahl, a buyer of Spectrum Metro.