Greater Noida Industrial Development Authority Issues Warning to Developers Over Pending Flat Registrations
The Greater Noida Industrial Development Authority (GNIDA) has warned developers who have failed to execute registries of flats in their projects despite depositing the initial 25 percent of their dues. GNIDA has stated the developers must expedite the registry process for projects where occupancy certificates (OC) have been issued or they have to face strict action.
As of now, registries of 2,637 flats have been successfully executed across various projects in Greater Noida. Builders of 40 projects have deposited the required 25 percent of their dues under the Uttar Pradesh government’s rehabilitation package scheme, totaling dues of Rs 276 crore. However, there are still 40 projects with pending payments amounting to about Rs 1,200 crore.
The registry process has commenced for projects where builders have deposited 25 percent of their dues, with approximately 315 flats already registered. For the remaining 41 projects, registration will initiate once the required 25 percent payment is made.
The directive of GNIDA comes after a meeting between their meeting with builders to evaluate the progress of pending dues payment and flat registries. With an estimated Rs 44,700 crore owed by developers in Gautam Budh Nagar, including Rs 14,000 crore to GNIDA, urgent measures are essential to address the backlog of 96 projects with pending flat registrations.
Despite the challenges, positive steps have been taken, including the implementation of recommendations from the Amitabh Kant panel, which has paved the way for easing registry processes. However, with approximately 1.2 lakh flats yet to be delivered out of 2.4 lakh stressed housing units in the NCR region, concerted efforts are needed to expedite the registry process and alleviate the burden on homebuyers.
With the real estate sector under scrutiny, adherence to regulatory timelines and obligations is paramount to ensure timely delivery and customer satisfaction. The GNIDA's proactive measures underscore the urgency of resolving pending flat registrations and advancing towards a more transparent and accountable real estate ecosystem.
