In a move that could bring relief to homebuyers, at least five real estate developers have paid a portion of their land dues and obtained permission for executing registries of 1084 apartments in Noida, officials in the authority in the know of the matter said.
The Noida authority has issued permission for registry after these developers on January 24 paid 25 percent of their total dues in accordance with the policy approved by the UP government on December 21, 2023.
Under the policy the developers get waivers on penal interest for two years during the Covid-19 period and also for the period, when the construction work got disrupted due to court orders. After deducting the penal interest these five developers have paid 25 percent of total dues to become eligible for the registry of the apartments, said officials of the Noida authority.
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Two more developers will pay the dues in the coming days, said officials.
“We are talking to all developers and telling them about the policy. As and when the realtors pay the dues as per the policy we will keep issuing permission for the registry of the apartments like we have done in the case of these five developers,” said Lokesh M, chief executive officer of the Nodia authority.
The five out of seven housing projects are IITL Nimbus -Hyde park in Sector 78 that has left no dues to pay, Capital Infra projects – The Golden palm in Sector 168 paid ₹1.65 crore, Divine India Infrastructure – Divine meadows in Sector 108 paid ₹3.51 crore dues, HR Oracle – Elite Homz in Sector 77 paid ₹8.2 lakh dues and Aims RG Angel – Aims project (Eco City) in Sector 75 paid ₹99 lakh dues becoming eligible for the registry of the apartments. Meanwhile 2 out of these seven developers will pay their dues in the next couple of days. These two projects include Sunshine Infrawel Helios in Sector 78 and Gulshan Homes Gulshan Ikebana in Sector 143.
The Noida Authority is likely to issue permission for execution of registries of at least 3,000 ready apartments in 31 finished housing projects by offering them penal interest waivers under the new state government policy announced on December 21.
Registries to begin in February
The registry of these 1084 apartments is likely to begin in February as the authority’s planning department is processing the formalities. This is the first lot of apartments to receive permission for registry under the policy, said officials.
The promoters of these 31 complete stalled housing projects have shown their intent to pay the land cost dues, after penal interest deduction, to become eligible for registries.
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“We are holding meetings with the rest of the developers, who want to pay their dues as per the policy, paving the way for the registry of the apartments. Soon other realtors will also pay and become eligible for the registries,” said a Noida Authority official aware of the development.
Noida Authority officials on January 24 also held a meeting with the realtors in sector 29 office and tried to resolve the issues so that registry of more units can happen, said officials.
The Confederation of Real Estate Developers Association of India (CREDAI) western UP secretary, Dinesh Gupta said, “The policy will help both the realtors and the apartment buyers thereby resolving the issues related with the flat registry. We wish other projects will soon get permission for the registry.”