Noida homebuyers’ relief: 20 builders pay 25% dues to complete registration
If you're awaiting a home in Noida, there's some encouraging news. The Noida Authority announced progress in resolving issues with stalled housing projects.
Noida homebuyers are finally seeing some relief as progress is made in resolving issues with stalled housing projects. Among the 57 real estate developers facing delays, 20 have stepped up by paying 25% of their dues, a move that facilitates the completion of homebuyer registrations. This payment, totaling Rs 170.77 crore, aligns with a state government order dated December 12, 2023, aimed at addressing legacy stalled real estate projects.
Furthermore, an additional Rs 224.45 crore has been contributed by four developers as of May 9, 2024, including partial payments amounting to Rs 53.68 crore, according to Noida Authority CEO Lokesh M. This proactive measure aims to tackle the backlog of 1,604 pending registries associated with these developers. Encouragingly, assurances have been made by some builders to expedite around 200 of these registries in the upcoming weeks through a dedicated campaign.
A parallel effort is underway in Greater Noida, where a recent meeting involving Greater Noida Authority CEO NG Ravi Kuma, Credai representatives, and developers of 97 projects emphasized expediting the registration process to address homebuyers’ concerns.
The urgency of these initiatives is underscored by the prevalence of stalled projects in the National Capital Region (NCR), as highlighted in a report by former Niti Aayog CEO Amitabh Kant. Noida, in particular, faces a significant challenge, with 35% of stalled projects located in the city. The burden on homebuyers is immense, as many continue to bear the financial strain of paying EMIs for incomplete flats alongside rent for their current accommodations.
Efforts to alleviate these challenges are rooted in recommendations from the Amitabh Kant Committee report, which Uttar Pradesh approved for implementation in December. Notably, these recommendations include granting immediate registry and sub-lease deed rights to homebuyers and providing developers with benefits such as a ‘zero period’ during the Covid-19 pandemic.
The resolve to address these issues reflects a commitment to not only revive stalled projects but also restore confidence among homebuyers in the Noida real estate market.
