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Sunday, July 21, 2024

Registration of Approximately 6,500 Flats in Greater Noida Expected Soon

Developers in Greater Noida are set to register around 6,500 flats across 30 projects in the coming weeks, as they have accepted the rehabilitation package offered by the Uttar Pradesh government. This stands in contrast to Noida, where only 15 out of 57 realtors have embraced the package aimed at expediting stalled projects across the state.

The Greater Noida Authority anticipates earning over Rs 1,400 crore in revenue from these projects over the next two years. Key developers who have accepted the government’s deal include Nirala, Rudra Buildwell, Antriksh, Panchsheel, and Himalaya, with their projects concentrated around Greater Noida West.

In total, Greater Noida has 96 projects where the registries of 70,000 flats are pending, amounting to Rs 5,500 crore owed to the Authority. Additionally, 30 projects are under legal scrutiny, including cases involving Supertech, Amrapali, Unitech, and Mahagun, and they are not eligible for the government’s package.

Saumya Srivastava, an OSD at the Authority, mentioned that the process of obtaining consent from 32 more builders would be completed in a week. The builders accepting the government’s package stand to benefit from a ‘zero period’ waiver of penalties and interests incurred during the two years of the Covid pandemic, leading to a reduction of around 20% in their dues. However, they are required to deposit 25% of their recalculated dues upfront.

Officials highlighted that the encouraging response in Greater Noida is attributed to the fact that most projects have flats in various stages of construction. Developers are keen to overcome obstacles and sell these units amid a significant rise in real estate market prices in the region.

Dinesh Gupta, the Credai secretary in western UP, expressed optimism that the registry deadlock for around 30,000 flats could end in the next three to four months, with another 30,000 becoming ready in six months. He attributed the increased interest from developers in Greater Noida to the immense potential of the real estate market in the region and the relief provided under the two-year zero period waiver, especially for developers owing smaller amounts to the Authority.

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