Noida Authority has collected Officials said that under the Uttar Pradesh government's policy of December 21, 2023, the Registry of 3,620 apartments in 27 Stald Housing Projects has been told by the officials to The Hinduston Times newspaper.
So far, registries have been executed for 2,726 out of these units, making the apartment buyers finally able to secure the legal ownership of their homes according to the authority.
HT, Chief Executive Officer of Noida Authority, said, “Noida Authority is asking 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.”
The policy provides interest exemption to developers, whose projects were stopped during the Kovid -19 epidemic or due to the National Green Tribunal (NGT) sanctions. Promoters should first take advantage of Covid-19- Related interest exemption and pay the remaining dues before becoming eligible for exemption related to NGT-related disruption.
“We will offer interest exemption for matters related to NGT as per the rules,” Lokesh M said.
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of 533.91 crores collected, 502 crore was paid by promoters of some projects. An extra 31.91 crore was partially paid by 24 other promoters to become eligible for registry permissions. The authority has further urged 14 promoters – who paid only 25% of their total outstanding under the policy – to clean their balance so that they could get final registry permissions and qualify for additional interest discounts.
Projects covered under December 2023 policy
The state government introduced a policy for stalled projects to resolve thousands of delayed housing cases in Noida, where buyers did not get possession or registration of their apartments due to pending arrears or legal complications.
Officials were quoted by Hindustan Times, saying that the total number of projects covered under December 2023 policy is at 57. Of these, the outstanding interest was fully fixed in six projects after rebate. Registry was allowed to 27 projects after paying 25% required for promoters. Another 14 projects saw partial payment towards the 25% range. Meanwhile, four promoters agreed to the terms of the policy, but did not pay 25% dues, and six promoters neither agreed nor paid any payment.
Additional interest rebate for real estate developers who pay on time
To accelerate the title transfer and address the long -pending ownership disputes, the authority has also started offering additional interest discounts to the developers paying timely. Dinesh Gupta, secretary of the Confederation of the Real Estate Developers Association of India (CREDAI), told Dinesh Gupta, “We are also calling realtors to use this policy to resolve the issues of homebuilds without any delay.”
According to officials, homebuilders can verify whether their flat is eligible for the registry from developers, who will show them approval documents after the registry is allowed.
