In a positive move, the registration of flats in Noida is set to begin, starting with 1,084 buyers who have received possession of their homes. Seven real estate companies have provided consent letters to settle 25% of their total dues within 60 days and the remaining amount in installments, aligning with the state government’s relief package.
The Noida Authority is expected to receive around Rs 100 crore in total recalculated dues as a result of this agreement. Developers of over 50 stalled housing projects were informed about their recalculated dues in a recent meeting, with most receiving a 21% rebate and a two-year zero-period waiver due to the Covid pandemic.
Five builders have already paid 25% of their revised dues upfront, while two others have accepted the recalculated dues. Notably, IITL Nimbus was exempted from paying any dues after the zero-period waiver.
The decision brings relief to homebuyers who have been waiting for flat registrations for over 32,000 flats in 57 defaulter projects in Noida. Talks are ongoing with developers of over 30 projects for a potential rehabilitation package.
In Greater Noida, where a higher number of flats await registration, the Authority plans to issue consent letters to 10 builders this week, allowing registries to resume. The Greater Noida Authority CEO, Ravi Kumar NG, stated that 96 defaulter projects with around 70,000 flats owe Rs 5,500 crore in dues.
Similarly, the Yamuna Authority will issue letters to developers of nine defaulter projects, potentially unlocking registries for around 10,000 homebuyers. The revised dues will be discussed in the January 29 board meeting for approval.
This development brings hope to homebuyers who have faced delays and uncertainties, paving the way for the long-awaited ownership rights and the formation of apartment owners’ associations.