Noida Authority Urges Developers to Execute Registries and Settle Dues in in Gautam Budh Nagar
The Noida Authority is taking measures to address the issue of pending registries and outstanding dues owed by real estate developers in Gautam Budh Nagar. As per official estimates, developers collectively owe approximately Rs 44,700 crore to the development authorities, with nearly Rs 26,000 crore owed to the Noida Authority alone.
In response to this, the Noida Authority has instructed developers who have already deposited the initial 25 percent of their dues to execute registries for flats in their projects within a span of 15 days. Although permissions for registry execution have been granted for around 1,400 apartments across 15 different projects, only 300 registries have been completed so far.
Despite the approval for registry execution, many buyers are still deprived of ownership rights due to delays from developers. The authority emphasized the importance of safeguarding the interests of homebuyers and directed developers to expedite the execution of pending registries.
The Chief Executive Officer of the Noida Authority, Lokesh M, underscored the need to prioritize the execution of pending registries during a recent review meeting. He urged developers to fulfill their obligations promptly and encouraged industry stakeholders to persuade other builders to settle their dues, ensuring that more homebuyers can secure ownership rights.
These efforts come after the Uttar Pradesh government adopted the recommendations of the Amitabh Kant committee on legacy stalled housing projects in December 2023, providing leeway in registrations for affected projects. Despite this initiative, out of the 57 builders who owe land dues to the Authority, only 15 have deposited the required amount, while 27 are yet to make payments.
The Noida Authority's proactive approach aims to facilitate the completion of pending registries and the resolution of outstanding dues, ultimately benefiting both homebuyers and the real estate sector in Gautam Budh Nagar.
