by THO
Noida authority has said that it has given permission for the registry of a total of 13,639 apartments after real estate developers of 35 housing projects gave their consent to clear their financial dues. To obtain permission for registry of ready apartments, developers have agreed to pay ₹552 crore worth of financial dues that is 25 percent of total dues of ₹2000 crore.
The Noida authority issues permission for registry after a developer pays 25% of their total dues as per the policy approved by the UP government on December 21, 2023.
1. UP government’s new policy
Under the policy developers get waivers on penal interest for two years for the Covid-19 period and also for the period when the construction work was halted due to the court orders.
Also Read: Registry camp for flat owners begins in Noida’s Sector 77
After deducting the penal interest, these 35 developers have given their consent to pay 25% of total dues to become eligible for the registry of the apartments, said officials of the Noida authority.
2. As many as 14 developers receive permission for registering 500 apartments in Noida
So far 14 realtors have already paid ₹112 crore and got permission for the registry of 500 apartments. We have executed 500 apartment owners’ registries by organizing camps first in sector 77 housing complex, and later in our main administrative office located in sector 6, said Lokesh M, chief executive officer of the Noida authority.
Also Read: Builders agree to pay dues, Noida authority gives nod to process registries of 13,600 flats
3. More than 1300 apartments given permission for registry in Greater Noida
The Greater Noida authority said on March 31 that it has already given permission for the registry of 1366 apartments in 16 stalled housing projects as the promoters had cleared their respective financial dues. There are a total of 94 stalled housing projects in Greater Noida and a total of 15,000 apartments’ are expected to be registered.
“Apart from 16 stalled projects we pursued the remaining 78 housing projects. After several discussions, 71 out of 78 promoters have agreed to clear their dues and become eligible for the registries,” said a Greater Noida authority official.
Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida
The Greater Noida authority has paid ₹73 crore and received permission for 1366 apartments. The authority has executed registries of 1366 apartments.
“The authority will collect a revenue of ₹715 crore out of 71 stalled housing projects in which 15,000 more homebuyers will get an opportunity to register in the next one month or so,” said the same official.
In Greater Noida, the stalled housing projects where 1366 registries have been executed include Poorvanchal projects, Ratanbuildtech, Panchsheel Buildtech, Gaursons HiTech, Ace City, Golf Town and Town Park among others.
Projects where registries are expected to begin include Nirala World Private Limited, JSS Buildcon Private Limited, Devika Gold Home Private Limited, Rudra Buildwell Infra Private Limited and Aims Golf Town Developers among others.
4. All about the Sports City registries ban
Homebuyers who had invested their hard-earned money in buying apartments in projects being developed in the Sports City project located in sector 150, continue to wait for their registries or possession letters.
The reason is that the Noida authority has not yet lifted the ban that was put in place in 2021. The Noida authority had, in February this year, hinted that it may lift the ban imposed on building map approvals and sale/purchase of flats. However, nothing has moved as of now.
Also Read: Noida to lift ban on registration of apartments in sports city project
“The Noida authority senior officials want the Uttar Pradesh cabinet to remove the ban and the state government is of the view that the Noida authority board is competent enough to decide on this internal matter. The decision to remove the ban on sale or purchase or registry is being delayed because the realtors have committed an error of not developing sports facilities before building group housing projects,” said Manoj Kumar Singh, additional chief secretary, who is also holding charge of state’s infrastructure and industrial development commissioner and chairman of the Noida authority.
“They (realtors) also want that these sports facilities should be meant only for apartment owners. But ideally these sports facilities must be open for the use to all in the city,” he said.
Also Read: Sports City: Noida authority did not provide land as directed by court, developer tells HC
The authority may take a call on the sports city issue after the general election is over, said officials.
The Noida authority in its 201st board meeting held on January 18, 2021, had banned the approval of building map revisions and also registry of apartments located in Sector 150, causing distress to homebuyers who have been residing there without getting their homes registered.
In 2014-15, the Noida authority had allotted 12 lakh square meters of sports city land in sector 150. However, the Noida authority is yet to hand over possession of at least 300,000 square meters of sports city land due to farmers’ dispute, prompting a group of realtors to approach the Allahabad high court. If the authority implements the order, at least 10,000 home buyers may get immediate relief and will be able to execute registries.
Dinesh Gupta, secretary, Confederation of Real Estate Developers Associations of India (CREDAI), Western UP chapter, and managing director of Samridhi Group, said that they are happy to learn that the Noida authority will remove the ban on registry and also approve the revised layout of building maps following the Public Accounts Committee’s directions.
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“The move will benefit the homebuyers, who are waiting for their registries for a long time,” he said, adding: “Also, the move will boost sentiment in sector 150 that is home to several luxury realty projects.”
5. Have apartment registries led to increase in revenue collection in Gautam Buddh Nagar?
The Noida and the Greater Noida authorities are issuing permission for registry of flats in stalled housing projects for which registrations have been pending for the last many years.
“But even after the permission for registry to around 200 apartments in sector 77 project was granted, only 50 apartment owners have turned up for registering their units at the camp that was organized in the complex. The reasons are many. One reason is that apartment owners are residing in other cities and have given their apartments on rent. They may get them registered later,” said a Noida authority official, who has organized two camps – one in sector 77 and another in sector 6 office.
The Uttar Pradesh stamp and registration data has shown a revenue collection of ₹3585 crore in the financial year 2023-24 against ₹3018 crore revenue that was collected in the previous financial year 2022-23. However, the department has failed to achieve its target of ₹4728 crore target for the 2023-24 financial year.
The department has fixed a revenue collection target of ₹4880 crore for the next financial year 2024-25.
“We could collect ₹3585 crore revenue in 2023-24 financial year because the Noida and the Greater Noida authorities gave permission for apartment registries in bulk, prompting buyers to reach for registries. We hope the revenue will increase in the next financial year as several registries are expected to take place,” said Maneesh Kumar Verma, district magistrate, Gautam Budh Nagar.
