Monday, February 10, 2025

GNIDA Warns Developers Over Pending Flat Registrations

The Greater Noida Industrial Development Authority (GNIDA) has issued a stern warning to developers who have failed to execute the registries of flats in their projects, despite having deposited the initial 25 percent of their dues. GNIDA has mandated that developers expedite the registration process for projects with issued occupancy certificates (OC), or face stringent actions.

To date, registries for 2,637 flats have been successfully completed across various projects in Greater Noida. Builders of 40 projects have deposited the required 25 percent of their dues under the Uttar Pradesh government’s rehabilitation package scheme, amounting to Rs 276 crore. However, payments for 40 other projects, totaling approximately Rs 1,200 crore, remain pending.

The registration process has commenced for projects where developers have deposited 25 percent of their dues, with around 315 flats already registered. For the remaining 41 projects, registration will begin once the necessary 25 percent payment is made.

GNIDA’s directive follows a meeting with developers to assess the progress of pending dues and flat registrations. Developers in Gautam Budh Nagar owe an estimated Rs 44,700 crore, including Rs 14,000 crore to GNIDA, highlighting the urgency of addressing the backlog of 96 projects with pending flat registrations.

Despite the challenges, positive steps have been implemented, such as adopting recommendations from the Amitabh Kant panel, which have facilitated the easing of registry processes. However, with about 1.2 lakh flats still to be delivered out of 2.4 lakh stressed housing units in the NCR region, concerted efforts are required to expedite the registry process and alleviate the burden on homebuyers.

The real estate sector is under increased scrutiny, and adherence to regulatory timelines and obligations is crucial to ensure timely delivery and customer satisfaction. GNIDA’s proactive measures emphasize the need to resolve pending flat registrations and move towards a more transparent and accountable real estate ecosystem.

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