Noida directs 42 real estate developers to clear dues; obtain permission for executing registry

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The Noida authority has directed 42 of the 57 realtors to pay their dues and obtain permission for executing registry, thereby offering relief to homebuyers who have been waiting for long to transfer flats to their names.

The Noida authority said in the meeting, it was confirmed that 42 of 57 realtors have given their consent to make payment of their respective dues in stalled housing projects. (HT Photo)
The Noida authority said in the meeting, it was confirmed that 42 of 57 realtors have given their consent to make payment of their respective dues in stalled housing projects. (HT Photo)

The direction came during a meeting held with realtors in Sector 6 office on Wednesday.

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Also Read: Noida and Greater Noida flat registries: 5 things homebuyers should know

The Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ lobbying group, met with Noida authority chief executive officer Lokesh M who asked them to clear their dues under the “stalled legacy housing projects” policy announced on December 21, 2023.

Registry of stuck housing projects a key issue in the ongoing Lok Sabha elections campaign  

Registry of apartments in the stuck housing projects has become a key issue in the ongoing campaigning for 2024 Lok Sabha elections.

Opposition candidates –Bahujan Samaj Party’s Rajendra Solanki and Samajwadi Party’s Dr Mahendra Singh Nagar –are luring voters by promising them help if they get elected. They also heaped criticisms on the ruling Bharatiya Janata Party (BJP) for the delay in registry.

On the other hand, BJP candidate and sitting MP Dr Mahesh Sharma claimed that the BJP government in UP has come up with a new policy paving way for registry of flats.

Also Read: Builders agree to pay dues, Noida authority gives nod to process registries of 13,600 flats

Even Uttar Pradesh chief minister Yogi Adityanath during his visit to Greater Noida to attend “prabudh sammelan (intellectuals meet)” on April 1 said his government has come up with a policy for “stalled legacy” projects to address the grievances of homebuyers.

42 real estate developers have given their consent so far

The authority said in the meeting, it was confirmed that 42 of 57 realtors have given their consent to make payment of their respective dues in stalled housing projects. Before the meeting, 35 realtors had consented to pay the dues.

“As per the policy (meant for the stalled housing projects), these realtors, who have given consent will pay 25% of total dues and the remaining 75 will be paid in next one to three years,” said Lokesh M.

Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

“At least 15 realtors out of 42 have already paid the dues till April 9 and got permission for registry. And now the remaining 27 realtors will start paying the dues to get permission of registry,” he added.

Credai has sought more time

These 27 realtors were told to pay their dues till April 12, 2024, but CREDAI sought more time to make the payment as per the new policy.

In view of the demand, the authority directed the realtors to pay the dues by May 12, 2024.

As the 15 realtors have paid 25% of their total dues and the authority has given permission for registry of 1,400 apartments, till April 9, 2024, a total of 325 registries have taken place so far.

And the authority has directed the developers to execute the remaining registries at the earliest, said officials.

In the meeting, realty firm Paramount Propbuild Private Limited informed that it has paid 8.10 crore for their housing project located in Sector 137 and Omaxe Buildwell Limited paid 11.45 crore as 25% dues on April 10.

PAN Realtors Private Limited paid 4 crore out of total dues of 37.69 crore in its housing project located in Sector 70 and SDS Infratech Private Limited paid 9 crore out of their dues of 18.43 crore in its project located in Sector 45.

“We thank the Noida authority chief executive officer Lokesh M, who gave additional time to make the payments to developers, who are yet to make the payment under the new policy. We want more and more apartment buyers to get their registry done under the new policy announced by the state,” said Dinesh Gupta, secretary, CREDAI.

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