Monday, July 22, 2024

Green Light for Flat Registries in Noida as Developers Settle Dues

The process of flat registries in Noida is set to commence after a prolonged delay, with approval granted for 1,084 homebuyers who have received possession of their properties. This green light follows the submission of consent letters by seven real estate companies committing to settle 25% of their total dues within 60 days, with the remainder to be paid in installments. The Noida Authority anticipates receiving approximately Rs 100 crore in recalculated dues.

In a recent meeting, the Noida Authority engaged with developers of over 50 stalled housing projects, informing them about their recalculated dues after providing a two-year zero-period waiver due to the Covid pandemic (April 1, 2020, to March 31, 2022). Most developers were assured of a 21% rebate.

Notably, five builders, namely IITL Nimbus, Capital Infraprojects, Divine India Infrastructure, HR Oracle, and Aims RG Angel, have already paid 25% of their revised dues upfront. Two other developers, Sunshine Infrawell and Gulshan Homes, have also accepted the recalculated dues.

Divine India Infrastructure deposited Rs 3.5 crore, Capital Infraprojects Rs 1.65 crore, HR Oracle Rs 8.2 lakh, and Aims RG Angel Rs 99 lakh, according to officials. IITL Nimbus, benefiting from the zero-period waiver, stated that they have no dues to pay and expect to complete the registry process for the remaining flats in The Hyde Park soon.

Homebuyers, who have faced delays for years, expressed relief, hoping for the long-awaited ownership rights. Dheeraj Kumar, a resident of Divine Meadows, shared his experience of booking a flat in 2009 and receiving possession in 2014. Despite the builder obtaining an occupation certificate in 2018, the registry was delayed. Now, with the resumption of the process, homeowners are optimistic about forming an apartment owners’ association.

Registries for over 32,000 flats in 57 defaulter projects in Noida, collectively owing Rs 8,000 crore to the Authority, were previously stalled. Talks are underway with developers of over 30 such projects, indicating a potential resolution through the rehabilitation package.

In Greater Noida, where a higher number of flats await registration, the Authority plans to issue consent letters to 10 builders, paving the way for registries to resume. Greater Noida Authority CEO Ravi Kumar NG stated that 96 defaulter projects with around 70,000 flats owe Rs 5,500 crore in dues. The registration process will commence upon the deposit of the first 25% of the recalculated dues.

Additionally, the Yamuna Authority intends to issue letters to developers of nine defaulter projects, potentially unlocking registries for around 10,000 homebuyers. The revised dues will be discussed in the January 29 board meeting, and upon approval, letters will be sent to builders to clear their dues.

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