In a positive development for homebuyers, the Noida authority has announced that 42 out of 57 real estate developers in Noida have committed to clearing their outstanding payments in stalled housing projects. They have been instructed to settle their dues by May 12, 2024, according to a report from Hindustan Times.
This move is expected to expedite the process of flat registrations for residents, which should be completed within 90 days from the payment date.
Back in December 2023, the Uttar Pradesh government directed Noida development authorities to register all flats involved in legal disputes within 90 days.
Under the state government’s policy, the registration process for stalled flats can commence once the builder pays 25% of the dues, with the remaining 75% to be paid over the next one to three years.
As of April 9, 15 realtors have made their payments, resulting in approvals for the registration of 1,400 apartments.
According to a report by the Confederation of Real Estate Developers’ Association of India (CREDAI), the Indian real estate sector is poised to have a significant impact on the country’s economy in the coming years.
The sector is projected to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047. Currently, the Indian real estate market stands at ₹24 lakh crore, with 80% comprising residential segments. CREDAI forecasts an additional demand for 7 crore housing units by 2030.
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