Noida directs real estate developers to pay dues and get registry permission

On May 9, the Noida authority directed real estate developers to pay their debts and obtain permission to register apartments in the name of thousands of homebuyers suffering for years. 

The direction came from the authority during an evening meeting with realtors at the Sector 6 office. The developers assured the authorities to pay the land costs fees and obtain permission for the registries. 

On December 21, 2023, the Uttar Pradesh government approved a policy to address stalled legacy housing projects. According to the policy, a realtor had to receive interest waivers for two years during Covid 19, pay 25% of the land cost dues in 60 days, and the remaining 75% in one to three years. 

Few realtors have utilized this scheme, negatively impacting homebuyers’ interests and wrestling in a revenue loss of approximately Rs 14,000 crore for the authority. 

“We have directed the realtors to use the scheme and pay the dues as soon as possible; otherwise, 5he authority will take appropriate action under the rules. According to Lokesh M.,  only  16 realtors have paid the Rs 115 crore dues and obtained a registry for approximately  1,400 apartments. 

Only 525 registries have occurred so far. 

“So far, only  525 registrations have taken place. We have directed the realtors to use the scheme. At least 42 out of 57 realtors had agreed to use the scheme. “We have asked the rest to use the scheme. “We have asked the rest to use the scheme,” he said. 

“We will send a report about today’s meeting to the state government, which requested it,” the CEO stated. 

Among 96  realtors who were held up and delayed, Greater Noida Authority recovered 276 crore. 

“We completed 2,637 apartment registries after realtors paid the dues as per state government policy. Ravikumar NG, CEO of Greater Noida Authority, stated that 40 projects will generate approximately Rs 1,200 crore in dues. 

During a meeting with realtors on Wednesday at Greater Noida’s Knowledge Park-IV office, the authority stated that if they do not use the scheme and pay the dues, the property will be attached and the housing project’s allotment will be canceled. 

This is all about the stalled legacy housing project policy. 

According to officials, Yogi Adityanath approved an interest and penalty waiver for a “stalled legacy housing project” on December 21, 2023. 

The policy was intended to assist millions of homebuyers in the Noida, Greater Noida, and Yamuna expressway areas, where an estimated 240,000 to 350,000 housing units are currently stalled reasons. 

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

“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.