Officials have announced that 35 developers consenting to the relief package will result in the registration of 3,412 flats and the recovery of Rs 552.5 crore in dues over the next two months. In the longer term, spanning two years, the Authority anticipates earning revenue of Rs 2,210 crore from the registration of 13,639 flats.
Noida Authority CEO Lokesh M stated, “To streamline the registration process for homebuyers, the Authority is organizing registration camps in collaboration with the sub registrar’s office, starting from March 1 with the Express Zenith project in Sector 77. We aim to process 100 registries per day.” The initiative will be inaugurated by UP Industrial Development Commissioner Manoj Kumar Singh, who announced the UP government’s rehabilitation package in December 2023.
Under the package, developers consenting to it must pay 25% of their revised dues within 60 days. Additional concessions include a ‘zero period’ to waive specific dues and interest accrued during the pandemic years. Earlier this month, 20 developers had opted for the rehabilitation package, prompting the Noida Authority to issue a notice on February 12, granting realtors ten days to either consent or pay their entire dues.
Most of the 35 developers opting for the package have received a 21% rebate in their total dues. There are a total of 34,000 flats in these projects, with 32,453 already constructed. “After providing the benefit of a two-year zero period, the dues of four projects have been reduced to nil,” said an official. These projects include Hyde Park, Gulshan Dynasty, Prateek Fedora, and Ecocity. For 25 others, dues range up to Rs 100 crore, which they must clear within one year.
Furthermore, six projects have dues ranging between Rs 100 and Rs 500 crore, which must be settled within two years. Some of these developers include Omaxe Buildwell (Rs 457.8 crore), Sikka Infrastructure (Rs 208.5 crore), Great Value Projects (Rs 197 crore), and Sunworld Residency (Rs 169 crore). However, 22 developers have not opted for the relief package.
The Authority CEO anticipates more builders consenting in the coming days. “Of those builders, there are 10 projects with substantial sums owed. Some have contacted us but are yet to consent to the package. If they do not, they will be required to make full payment as per Authority policies,” said the CEO. In total, approximately 32,000 flats are affected in 57 defaulter projects, owing the Noida Authority Rs 8,000 crore.
