The Noida authority has recently given the green light for the registration of a significant number of apartments in the region. This decision comes after 35 real estate developers agreed to settle their financial dues with the authority.
In December 2023, Chief Minister Yogi Adityanath directed the Noida authority to ensure that home-buyers face no hurdles in obtaining possession and registering their apartments.
Developer Consent and Financial Dues
To facilitate the registration process, developers consented to pay 25 percent of their total dues, amounting to ₹552 crore out of a total of ₹2,000 crore.
Policy Framework
The Uttar Pradesh government approved a policy on December 21, 2023, allowing developers to register their projects after clearing a portion of their outstanding dues. This policy includes waivers on penal interest during the COVID-19 period and times when construction was disrupted due to court orders.
Progress and Payments
Currently, 14 developers have paid a sum of ₹112 crore to the authority, resulting in the registration of 500 apartments. The Noida authority is actively engaged in facilitating the registration process for these apartments, organizing camps and administrative procedures accordingly.
Remaining Challenges
However, challenges persist as 21 developers are yet to settle their financial dues. The authority remains committed to resolving these outstanding matters and enabling the registration of an additional 32,453 apartments.
Reasons for Delay
Some developers are hesitant to clear their dues, despite the offered waivers, citing concerns about additional waivers for periods of construction disruption due to factors such as the COVID-19 pandemic and court orders.
Authority’s Perspective
Manoj Kumar Singh, the additional chief secretary and chairman of the Noida authority, clarified that while the authority is providing waivers for the COVID-19 period, it is unable to extend the same for periods of construction disruption due to potential financial implications.
Conclusion
In conclusion, the Noida authority’s decision to allow the registration of apartments marks a significant step forward for home-buyers in the region. While challenges remain, the authority’s commitment to resolving outstanding issues demonstrates its dedication to facilitating a smoother registration process for developers and buyers alike.