These considerations are crucial for real estate investors before purchasing property in Noida and Greater Noida.

Experts in real estate advise investors to proceed cautiously and investigate the developer’s standing, project approvals, and timeliness records.

Over 6500 apartments could be registered shortly in Greater Noida after at least thirty developers consented to settle their debts following the Uttar Pradesh government’s 2023 real estate policy. Here are some things real estate investors who wish in the real estate market should know about.   

By the policy, the realtors of thirty housing projects in Greater Noida currently on hold will receive authorization to complete the registry of 6,500 apartments in their projects after paying Rs 350 crore. 

“A minimum of thirty developers in Greater Noida have signed an agreement to pay 25% of the outstanding balance and execute registries of available units in delayed housing projects.” To alleviate suffering for homebuyers, we are pursuing all realtors to encourage them to utilize the program and obtain registry permission,” said Saumya Srivastava, an additional chief executive officer of the Greater Noida Authority.  

Thirteen realtors in Greater Noida who have accepted the government deal in Noida have also agreed to the policy of coming forward to settle their debts.  

What policy does the UP government have? 

It is not penal interest for real estate developers to halt construction during the two-year COVID-19 period or in response to a court order.

Officials say that another thirty realtors will most likely consent to pay their dues. These developers have agreed to contribute 25% of the total dues, minus penal interest, to be eligible for the registry of apartments. 

How much do developers owe the authority in total? 

The stalled housing projects under this policy are 57 housing projects with 32,000 units in Noida and 96 housing projects with 75,000 units in Greater Noida.  

About Rs 8,000 crore is estimated to be owed by Noida realtors, and roughly Rs 5,500 crore is due by Greater Noida realtors for the abandoned projects. 

The authority can take away the developers’ allocations under the policy. 

If defaulting realtors refuse to pay their dues and take over the unfinished project, the government cancels their allotment. The policy also gives the three industrial bodies—Noida, Greater Noia, and Yamuna Expressway— the ability to put the defaulting developer on a five-year. 

Officials claim that out of the 75,000 units in Greater Noida, at least 96 projects are stalled and may benefit from the 2023 policy. 

The process should take one or two months to finish. 

Upon the authority’s completion of the process and granting the required permission, the procedure will be finished in two to three months.  

Three committees, led by deputy general managers, have been established by the authority to go after the remaining realtors and force them to settle their debts before they can register authorization. 

Registry in Noida 

Of the 57 real estate developers of housing projects in Noida that have stalled, only 13 have stepped forward to make payments after obtaining interest waivers under the new policy.

Realtors are under pressure from the Noida authority to either pay land dues by the new real estate policy deadline of December 21, 2023, or face consequences. 

Reason for action: of the 57 realtors of housing projects put on hold, only thirteen came forward to pay the balance after using the interest waivers provided by the new policy. 

Of these 13, seven have already paid the fees; the other two have consented and are now processing payments to obtain registration authorization. 

Thirteen stalled housing projects in Noida are among the developers who have accepted the government deal in exchange for permission to register. 

Why don’t developers in Noida show up to pay their bills as frequently as they do in Greater Noida? 

Developers in Greater Noida are paying their dues in large quantities because the policy that allows for waivers reduces the amount they owe the Authority. Major developers in Noida with debts exceeding Rs 100 crore include Supertech Group, ATS, Prateek Group, and Gardenia Glory. 

Officials from the Noida authority claimed, “These developers also demand more waivers before they decide to pay up the dues.”

However, Greater Noida authority officials stated that more developers are coming forward to settle their debts because they are less than Rs 100 crore. 

Do you want to buy property in Greater Noida or Noida? Observe the following information. 

More developers have agreed to pay their debts, which could lead to progress and a quicker completion date for the project, according to Prashant Thakur, Regional Director & Research, ANAROCK Group. Prospective buyers should, however, proceed cautiously and thoroughly review the developer’s standing, project approvals, timely completion record, and financial standing before investing. He advised doing extensive due diligence at all times and sticking with reputable, well-organized developers. 

To navigate the complexities of the market and make wise decisions, it makes sense to seek professional guidance from a qualified real estate advisor if there is any cause for doubt. Reputable consulting firms will be able to provide accurate information. He asserted that small brokers, unrestricted by industry best practices, often give misleading information to close deals. 

“It is important to monitor the policy’s progress and the developers’ compliance to obtain a clearer picture regarding its effectiveness in expediting project completion,” he went on.

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