In a move that could bring relief to homebuyers, at least five real estate developers have been given permission to pay a portion of the land use fees and create a registry of 1,084 flats in Noida, the sources said on the issue. This was revealed by a knowledgeable official.
The Noida authority issued permission for the registry after these developers paid 25% of the total dues on January 24, as per the policy approved by the UP government on December 21, 2023. Under this policy, developers will be exempt from fines for two years. This was not only the case during the COVID-19 pandemic, but also during the period when construction work was suspended due to court orders. After deducting the fine, these five developers paid 25 per cent of the total dues to qualify the apartments for registration, Noida authority officials said.
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Two more developers are expected to pay their dues in the coming days, officials said.
“We are in talks with all the developers and have informed them about the policy.If the real estate agents follow the policy and pay their dues, we will continue to issue permits for registration of apartments, as we have done in the case of these five developers. ” said Lokesh M, chief executive officer of Nodia Authority.
Five of the seven housing projects are IITL Nimbus – Hyde Park in Sector 78 whose dues are not yet paid, Capital Infrastructure Project – Golden Palm in Sector 168 which has been paid. INR1.65 billion, sacred Indian infrastructure – sacred pastures of sector 108 paid INR3.51 Crore dues paid by HR Oracle in Sector 77 – Elite Homz INRPaid 820,000 dues and target RG Angel – Sector 75 target project (Eco City) INRThe $9.9 million membership fee qualifies the apartment for registration. Meanwhile, two of these seven developers are expected to pay their dues in the coming days. These two projects include Sunshine Infrawel Helios in Sector 78 and Gulshan Homes Gulshan Ikebana in Sector 143.
Noida city authorities have granted permission to register at least 3,000 completed flats in 31 completed housing projects and provided them with penalty exemption under the state government's new policy announced on December 21. It may be issued by doing so.
Registration will begin in FebruaryRegistration for these 1,084 flats is likely to begin in February as the authority's planning department progresses the process. According to officials, this is the first apartment block to be approved for registration under this policy.
The proponents of these 31 fully stalled housing projects have indicated that they are willing to pay the cost of the land, net of penalties, in order to qualify for registration.
Also read: Noida agrees to execute registry of 3,000 flats in 31 unfinished projects “We will continue to work with the rest of the developers who have paid their dues as per the policy and want to pave the way for the registry of flats in 31 unfinished projects. We are holding meetings and soon other developers will follow suit.'' Real estate agents will also make the payment and become eligible for registration,'' said a Noida authority official aware of the development.
The Noida civic body held a meeting with real estate agents at its Sector 29 office on January 24 to try to resolve the issue so that more units could be registered, officials said.
Dinesh Gupta, Western UP Secretary, Real Estate Developers Association of India (CREDAI), said, “This policy will help both real estate agents and apartment buyers, thereby resolving issues related to apartment registration. Other projects I hope we can get permission soon.” This is for the registry. ”
