The real estate landscape in Noida and Greater Noida is witnessing significant developments as homebuyers eagerly await the registry process for their newly acquired flats. In this article, we delve into crucial information that every homebuyer should be aware of regarding flat registries in these regions.
1. The Registry Numbers
So far, 14 realtors have successfully obtained permission for the registry of 500 apartments in Noida. Simultaneously, the Greater Noida authority has granted permission for the registry of an impressive 1366 flats. These numbers reflect the growing demand for residential properties in these areas.
2. Financial Dues and Permissions
The Noida authority has been proactive in facilitating the registry process. A total of 13,639 apartments are now eligible for registry after real estate developers from 35 housing projects cleared their financial dues. To secure permission for the registry, developers have committed to paying ₹552 crore, which constitutes 25 percent of the total dues amounting to ₹2000 crore. This financial commitment underscores the developers’ dedication to fulfilling their obligations.
3. The Noida Authority’s Criteria
The Noida authority adheres to a well-defined policy when granting registry permissions. Developers must pay 25 percent of their total dues, as stipulated by the policy approved by the UP government on December 21, 2023. This transparent approach ensures that developers contribute their fair share before the registry process commences.
4. Waivers and Considerations
The UP government’s new policy introduces waivers on penal interest for specific periods. Developers benefit from a waiver on penal interest for two years during the COVID-19 period. Additionally, the waiver extends to the duration when construction work was halted due to court orders. This pragmatic approach acknowledges the challenges faced by developers and encourages timely compliance.
5. Successful Registries
The momentum continues as 14 developers have already paid a substantial sum of ₹112 crore to secure permission for the registry of 500 apartments in Noida. These successful registries were organized through camps, initially in the Sector 77 housing complex and later at the main administrative office in Sector 6. The Noida authority’s efficient handling of these registries ensures a smooth process for homebuyers.
Conclusion
As the real estate market in Noida and Greater Noida evolves, homebuyers can rest assured that the registry process is well underway. With clear guidelines, financial commitments, and waivers, the path to owning a registered flat becomes more accessible. Stay informed, and keep an eye on the latest updates as the real estate landscape continues to transform.