GNIDA Penalty Waiver May Get Six-Month Extension for Buyers
Good news for homebuyers in Greater Noida! The GNIDA penalty waiver might be extended for another six months, giving more relief to those struggling to register their flats due to developers’ unpaid dues. The Greater Noida Industrial Development Authority (GNIDA) is set to discuss this extension in its upcoming board meeting.
How the Penalty Waiver Has Helped So Far
Originally introduced in July 2024, this waiver has already benefited over 6,500 homebuyers, helping them save between ₹2 lakh and ₹2.5 lakh in penalties. According to GNIDA officials, the initiative has encouraged more property registrations and reduced legal disputes.
“Since the government introduced the stalled project policy in December 2023, more than 11,500 registries have been completed, with 6,500 of them benefiting from the GNIDA penalty waiver,” said Saumya Srivastava, Officer on Special Duty (OSD) at GNIDA.
Why Homebuyers Are Asking for an Extension
Homebuyer associations, including the Noida Extension Flat Owners’ Welfare Association (NEFOWA), are pushing for an extension. Many buyers are still facing financial difficulties and need more time to arrange the registration amount.
“People want to register their flats, but they’re struggling with funds. If GNIDA extends the GNIDA penalty waiver, it will give them some breathing room,” said Abhishek Kumar, NEFOWA’s president.
Originally, this waiver was meant to help around 40,000 homebuyers affected by stalled projects. Even after getting occupancy certificates, many couldn’t complete the registration process because their developers had unpaid dues. This left buyers without legal ownership of their flats.
Past Waivers and Why This One Matters
This isn’t the first time GNIDA has stepped in. Back in 2018, a similar waiver was introduced, but homebuyers whose developers still had outstanding dues were unable to benefit fully. Once that relief period ended, buyers faced daily penalties—₹50 for flats under 100 sqm and ₹100 for larger homes—resulting in accumulated fines of ₹2 lakh to ₹2.5 lakh per homebuyer.
In December 2023, the Uttar Pradesh government launched a policy to revive stalled projects. Under this scheme, 78 builders in Greater Noida received a “zero-period” waiver, removing interest and penalties accrued during COVID-19, provided they paid 25% of their recalculated dues upfront.
Homebuyers took notice and urged GNIDA to waive these fines as well. After months of discussions, the GNIDA penalty waiver was finally approved in June 2024, covering the period from July 22, 2024, to January 31, 2025.
What’s Next? Will the GNIDA Penalty Waiver Be Extended?
With thousands of homebuyers still struggling to complete their registrations, all eyes are on GNIDA’s upcoming board meeting. If the extension is approved, it could provide much-needed relief, helping more buyers secure legal ownership of their homes.
For now, homebuyers and real estate groups remain hopeful that GNIDA will continue its support and extend the penalty waiver for another six months.
read more: Haryana Municipal Property Auction: Govt. Forms New Policy
for more updates follow us on instagram
