The Uttar Pradesh government plans to establish special camps every Sunday to facilitate the expedited registry of flats in projects whose developers have agreed to clear their recalculated dues under a rehabilitation package recommended by the panel led by former Niti Aayog member Amitabh Kant. Developers of approximately 40 projects in Noida and Greater Noida have accepted the government’s deal, which includes a two-year zero-period waiver on interest and fines incurred during the Covid pandemic. These developers are required to pay 25% of their recalculated dues upfront.
To boost the registry process, the state government has decided to set up camps on Sundays. Those unable to attend the Sunday camps can still execute registries at the office of the stamps and registry department on other days of the week. The decision was made in consultation with Noida Authority officials.
The move is expected to accelerate the pace of registries, providing a significant boost to the revenue collection target set for the department. The department aims to collect Rs 4,728 crore from Noida for the current fiscal year, and by December of the previous year, it had already collected Rs 2,662 crore. The department has registered 10,659 flats so far, against 11,447 in the previous financial year.
Despite the government package being rolled out a month and a half ago, there has been a lukewarm response from builders. Out of the 57 realtors eligible for the package, only 13 have submitted consent letters to the Noida Authority. The Authority has given realtors until February 22 to provide their stance on the package. After this date, it will be assumed that they do not agree with the conditions and will be required to pay the entire dues.