The Greater Noida Industrial Development Authority (GNIDA) has made significant progress in registering flats in stalled projects. Between February 26 and March 15, GNIDA completed over 1,000 flat registrations in more than 30 group housing societies. This effort is part of the state government’s rehabilitation package for stalled projects. Looking ahead, the Authority plans to execute an additional 10,000 flat registries in the coming months.
Most of these GNIDA Flat registrations have been completed in projects located in Greater Noida West, including Coco County (104), Nirala Estate (172), Panchsheel Greens (110), and Happy Trails (73), among others. Additionally, registrations were executed in Purvanchal Royal City (302) in Chi 5 and Migsun (24) in Omicron 3, among others.
According to GNIDA’s data, developers of these 30-plus projects owe dues amounting to Rs 1,800 crore after considering the relief of a two-year zero due to the Covid pandemic from April 2020 to March 2022. Under the government’s rehabilitation package, developers can avail of relief after paying 25% of the revised dues within two months initially, and the remaining amount over a period of one to three years, depending on the quantum of dues.
Developers of around 75 projects out of 96 defaulter projects have given their consent to the government’s rehabilitation package. These 96 builders owe approximately Rs 4,500 crore to the Authority, including about 21% relief in paying interest and penal interest for two years. Officials noted that if deals with all these 45 projects materialize, it would open the doors for the registry of around 15,000 flats.
Similar exercises are being undertaken by the Noida and Yamuna authorities to execute flat registries. The Noida Authority has initiated special drives in various housing societies where officials of the sub-registrar, the Authority, and the builders are executing the registries for flat buyers.
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