The Greater Noida Industrial Development Authority (GNIDA) has given the green light for the registration of approximately 5,200 flats in 19 different projects. Delays in these registrations have stemmed from a range of issues, including outstanding dues from builders, the absence of occupancy certificates (OCs), and project incompletions, as confirmed by individuals familiar with the situation.
Sources also reveal that discussions are already underway, and it is anticipated that the Authority will extend registration permission to an additional 20,000 flats within the next two to three months. Stakeholders, including developers and homebuyers, are currently engaged in talks regarding this prospective move.
An anonymous GNIDA official emphasized that the Authority’s primary concern is to prevent any adverse impact on homebuyers. This stance has motivated the decision to grant registrations despite the aforementioned issues.
Simultaneously, the GNIDA is diligently crafting a report addressing stalled projects, following the guidelines outlined by the Amitabh Kant committee, a panel appointed by the central government. The report aims to resolve challenges related to outstanding dues owed by builders and to provide relief to homebuyers. The completed report will be presented to the state government for appropriate action.
The Confederation of Real Estate Developers’ Associations of India (CREDAI), Western Uttar Pradesh, shared that the registration process for all 5,200 units will be completed before the commencement of the festive season in October. Dinesh Gupta, Secretary of CREDAI (Western UP), disclosed multiple meetings with NG Ravi Kumar, CEO of GNIDA. These discussions covered issues such as developers’ dues, the revival of stalled projects as per UPRERA recommendations, and available remedies.
Gupta noted that the hindrances to registration, such as the absence of completion certificates (CCs), Occupation Certificates (OCs), and unpaid time-extension charges, have been effectively resolved. Developers who have settled their dues can now proceed with unit possession through proper registration procedures.
Gupta further indicated that nearly 20,000 flats across 25 projects in Greater Noida are expected to gain registration approval within the next two to three months. This positive outcome is the result of collaborative efforts between developers and the Authority to tackle lingering issues.
The developers’ body is steadfastly committed to project completion and settling dues with development authorities. Gupta expressed optimism about the swift implementation of other recommendations from the Amitabh Kant panel, which seeks to benefit homebuyers and rejuvenate the real estate sector.
One of the recommendations proposed by the Amitabh Kant panel involves a payment moratorium for builders’ outstanding obligations to land-owning authorities. This step would offer developers the financial leeway needed to finalize delayed or stagnant housing projects, with the stipulation that dues are settled in stages. The committee also proposed a reasonable interest rate, prioritizing project completion.
Pramod Kumar Dixit, an investor in a Noida Extension project, expressed enthusiasm for the recent development, stating that it would significantly aid homebuyers. The extended delay in registrations was attributed to the builder’s pending dues, a situation that homebuyers should not bear the brunt of, according to Dixit.