Noida Authority Urges Developers to Expedite Registry Execution and Dues Payment

The Noida Authority is taking proactive steps to address the issue of pending registries and dues owed by real estate developers in the region. With an estimated collective debt of approximately Rs 44,700 crore owed to development authorities in Gautam Budh Nagar, of which nearly Rs 26,000 crore is owed specifically to the Noida Authority, the situation calls for urgent attention.

In a recent development, the Noida Authority has directed developers who have already deposited 25 percent of their dues to execute registries for flats within their projects within a 15-day timeframe. While approvals have been granted for the registry of around 1,400 apartments across projects involving 15 different developers, only 300 registries have been executed thus far. This delay in execution deprives buyers of their rightful ownership rights.

According to officials, as of April 9, 15 developers have fulfilled the requirement of depositing 25 percent of their dues, resulting in permissions for over 1,400 registries. However, approximately 1,100 registries remain pending across 15 projects. Noida Authority's Chief Executive Officer, Lokesh M, chaired a review meeting on April 10 to assess the progress of registry execution. During the meeting, it was highlighted that only 300 registries had been completed, and some developers were yet to fulfill their obligations.

Emphasizing the importance of safeguarding the interests of homebuyers, CEO Lokesh M instructed developers to expedite the execution of pending registries. Additionally, he urged members of CREDAI (Confederation of Real Estate Developers' Associations of India) to encourage other developers to clear their dues promptly, thereby facilitating more homebuyers in acquiring ownership rights.

This move by the Noida Authority comes in the wake of the Uttar Pradesh government's adoption of recommendations put forth by the Amitabh Kant committee on legacy stalled housing projects in December 2023. As a result, Noida Authority allowed leeway in registrations, aiming to address the challenges faced by both developers and homebuyers.

Official records indicate that out of 57 builders who owe land dues to the Authority, approximately 42 have opted to avail the benefits of the rehabilitation package by depositing 25 percent of their dues. However, only 15 developers have fulfilled this obligation, leaving 27 yet to make payments.

The proactive stance taken by the Noida Authority reflects a concerted effort to alleviate the longstanding challenges plaguing the real estate sector in the region. By prioritizing the execution of registries and encouraging timely dues payment, the Authority aims to restore confidence among homebuyers and foster a conducive environment for real estate development.

As the Authority continues its efforts to streamline processes and address outstanding dues, stakeholders remain hopeful for positive outcomes that will benefit both developers and homebuyers alike.