Sunday, July 14, 2024

Only 14 Builders in Noida Embrace State Government’s Rehabilitation Package

Efforts by the Noida Authority have seen only 14 out of 57 projects in the city signing up for the Uttar Pradesh government’s rehabilitation package over the past three months.

When the package, formulated based on recommendations from a panel led by former bureaucrat Amitabh Kant, was announced last December, the Noida Authority identified 57 projects facing issues with dues. These projects encompassed a total of 32,453 flats, most of which had been handed over to buyers but remained unregistered.

Out of the 57 identified projects, builders of 35 projects with 13,639 flats accepted the government’s deal. However, only developers of 14 projects have submitted 25% of their recalculated dues to the Authority, which is the initial step for availing zero period waivers on penal interest accrued during the two years of the pandemic.

With this advance payment, approximately 4,000 flats can now be registered. However, the Authority has managed to register only 500 flats so far, boosting its revenue by Rs 112 crore.

Lokesh M, the CEO of the Authority, mentioned that builders of the remaining 22 projects, who had agreed to the rehabilitation package, were contemplating depositing the 25% advance in the new financial year. He expressed optimism about a significant number of registries being executed in April.

“We are actively engaging with these builders, urging them to deposit 25% of the revised dues as soon as possible,” said the CEO.

The stamps department has been organizing camps at various housing societies to expedite the registry process. Several registrations were sealed during these camps, including 55 at the Express Zenith Society in Sector 77 and 500 in multiple camps held at the Indira Gandhi Kala Kendra in Sector 6.

Despite these efforts, residents of several condominiums have expressed concern about the slow pace of registries. Banners and posters have been put up in many societies, with residents threatening to abstain from voting in the Lok Sabha polls if their flats are not registered beforehand.

The state government introduced its rehabilitation plan for stalled projects on December 21 last year. Following this, the Noida Authority listed 57 such projects and convened meetings with their developers. Out of the 47 projects that participated, 35 agreed to the deal.

In Greater Noida, 1,365 flats across 16 projects have been registered so far, with builders depositing an advance amount totaling Rs 73 crore.

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