For a long time registries for some apartments were on hold and now Noida Authority has approved a registry of 13,630 apartments. Several housing projects were waiting for the approval and now Noida Authority has approved apartment registries for 35 housing projects. This approval is like a ray of hope for homebuyers of these stalled projects.
The Noida authority has granted permission for the registry of 13,630 apartments. The developers of these stalled projects are asked to clear their outstanding dues. There are 35 projects in the list that have been sent a notice to clear their outstanding dues so that formalities of registration can proceed. VRCODE91 is also updating its clients about the latest update.A Big Relief to the Buyers in Noida.
A Big Relief to the Buyers in Noida
The Noida Authority has offered relief under the new policy. On December 21, 2023, a policy under the Uttar Pradesh government was implemented specifically for these stalled housing projects. Waivers on penalty interest have been provided to the developers to make things easy for them. However, there are two key periods that will be considered while wavering the penalties. These two key periods are 1. the two years during the Covid 19 pandemic, that is, March 2020 and March 2022 and 2. The time when constructions were stopped due to court orders.
Developers falling under these two categories will get a waiver on their penalties. They can take advantage and can pay only 25 percent of their total outstanding dues to become eligible for getting a registry for their completed apartments. To know the effectiveness of this policy, in the initial stage 14 developers have taken the advantage of this opportunity. After paying their dues to the Noida Authority they can proceed with the formalities of registration.
The 14 developers have paid 112 crore rupees to the Noida Authority. This has paved the path for 500 apartments ready for their registry by the authority. To facilitate the registration process, Noida Authority has organised two camps at different locations. The administrative office will be opened at Sector 6, Noida and Sector 77 of the housing complex. VRCODE91 appreciates the steps taken by the Noida Authority under the guidance of the UP government.
A Big Relief to the Buyers in Noida
The attempt is motivating for the developers but there are still 22 developers left who have not come forward to clear their dues. Once they will also clear their outstanding amount then more home buyers will get the benefit and will be able to get the registry done of their apartment. The Noida Authority is trying to convince the rest of the developers to take advantage of the scheme so that a registry of 32,453 apartments can be done.
There is a reason behind the developers being hesitant to participate in the scheme. The developers who do not fall under the two categories of the policy are not considering the policy. Only those developers who have suffered because of Covid-19, and construction ban posed by the National Green Tribunal will get the benefit of the policy.
The relaxation cannot be granted more than this because it will fetch more financial losses to the Authority. It is already facing losses due to waivers so that it can facilitate the apartment registration under the proposed policy. However, homebuyers in Gautam Buddh Nagar are happy and they have welcomed the step taken by the UP government.
Homebuyers who did not receive any benefit of the policy are hoping that the developers will take any action for the registration process. It is expected that the upcoming few months will be very crucial for the Noida Authority in persuading developers to pay their outstanding dues and complete the registration process. VRCODE91 hopes that the remaining developers will also consider the opportunity and initiate the registration process.
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