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Noida Authority recovers ₹533.91 crore to unlock stalled real estate projects
In a move to resolve stalled housing projects, the Noida Authority has collected ₹533.91 crore in dues, facilitating the registry of 3,620 apartments
The Noida Authority has collected ₹533.91 crore in dues by facilitating the registry of 3,620 apartments across 27 stalled housing projects under the Uttar Pradesh government’s December 21, 2023 policy aimed at resolving long-standing real estate disputes, officials told the Hindustan Times newspaper.
So far, registries for 2,726 of these units have been executed, enabling apartment buyers to finally secure legal ownership of their homes, according to the authority.
“The Noida Authority is asking the promoters to complete the registry of the remaining flats in their housing projects. We have also asked them to encourage apartment buyers to execute the registry,” HT quoted Lokesh M, chief executive officer of the Noida Authority.
The policy offers interest waivers to developers whose projects were halted during the Covid-19 pandemic or due to National Green Tribunal (NGT) restrictions. Promoters must first avail themselves of the Covid-19-related interest waivers and pay off the remaining dues before becoming eligible for waivers linked to NGT-related disruptions.
“We will offer the interest waivers for NGT-related cases as per the rules,” Lokesh M added.
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Of the ₹533.91 crore collected, ₹502 crore was paid in full by promoters of some projects. An additional ₹31.91 crore was paid partially by 24 other promoters in order to become eligible for registry permissions. The authority has further urged 14 promoters—who had paid only 25% of their total dues under the policy—to clear their remaining balances so they can obtain final registry permissions and qualify for additional interest waivers.
Projects covered under the December 2023 policy
The state government introduced the policy for stalled projects to resolve thousands of delayed housing cases in Noida, where buyers had not received possession or registration of their apartments due to either pending dues or legal complications.
Officials were quoted as saying by the Hindustan Times that the total number of projects covered under the December 2023 policy stands at 57. Of these, dues were fully settled in six projects following interest waivers. Registry permissions were granted to 27 projects after promoters paid the required 25% of their dues. Another 14 projects saw partial payments towards the 25% threshold. Meanwhile, four promoters gave their consent to the policy terms but did not pay the 25% dues, and six promoters neither gave consent nor made any payments.
Additional interest waivers to real estate developers who make timely payments
To expedite title transfers and address long-pending ownership disputes, the authority has also begun offering additional interest waivers to developers who make timely payments. “We are also asking the realtors to use this policy so that the issues of the homebuyers can get resolved without further delay,” Dinesh Gupta, secretary of the Confederation of Real Estate Developers Association of India (CREDAI) told the Hindustan Times.
According to officials, homebuyers can verify if their flats are eligible for registry from the developers who will show approval documentation to them once the registry permissions are granted.
