Update on Stalled Housing Projects in Noida: 20 Builders Make Progress
In a recent update from the Noida Authority, it was revealed that 20 out of the 57 real estate developers involved in stalled housing projects in Noida have taken a positive step. They have paid 25 per cent of the dues after exemption, a move aimed at completing the registration process of homebuyers. This development comes after a meeting chaired by CEO Lokesh M, where it was announced that the Authority anticipates receiving approximately Rs 450 crore from these 20 builders in the future.
Further details shared by the Authority indicate that four builders have already deposited 25 per cent of the total amount, which stands at Rs 83.47 crore, along with a partial amount of Rs 53.68 crore. As of May 9, 2024, the authority has received a total of Rs 224.45 crore.
According to a state government order issued on December 12, 2023, which aims to resolve issues related to stalled housing projects in Noida, 20 builders have already deposited Rs 170.77 crore, representing 25 per cent of the total payable amount calculated after exemption.
For quite some time, pending registries and delayed possession of flats have been pressing issues in Noida and Greater Noida. The UP government has been actively pushing for the resolution of homebuyers’ woes in line with the recommendations of the Amitabh Kant panel on stalled projects.
The Authority highlighted that 18 builders have given their consent to deposit 25 per cent of the amount, with some builders in sectors 76, 78, and 168 assuring that they will deposit the amount soon. Currently, 1,604 registries are pending with 20 builders who have already deposited 25 per cent of the total payable amount.
Some builders have informed the authority that approximately 200 registries will be completed in the coming weeks under a special campaign for homebuyers. They have also assured the authority of expediting other pending registries.
During the meeting with the Noida Authority, representatives from Credai, including Patron Geetambar Anand, President Amit Jain, and Secretary Dinesh Gupta, were present. The Noida Authority operates under the Industrial Development Ministry of the UP government.
A similar registry review meeting was held at the Greater Noida Authority on Wednesday, chaired by CEO NG Ravi Kumar, with Credai representatives and developers of 97 projects in the city.
Read more: GNIDA Meeting with Real Estate Developers: Addressing Flat Registration Delays
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