Greater Noida Authority, builders discuss registry for homebuyers

May 9, 2024: The Greater Noida Industrial Development Authority (GNIDA) on May 8, 2024, convened a meeting with real estate developers affiliated with the industry body CREDAI, urging prompt settlement of dues and expeditious registration of flats across numerous projects in the region. The issue of pending registries and delayed possession of flats has been a longstanding concern in Noida and Greater Noida, prompting concerted efforts by the Uttar Pradesh government to address homebuyers’ grievances. At the national level, a panel chaired by Amitabh Kant has also proposed measures to alleviate distress among homebuyers, builders and local authorities.

During the meeting, GNIDA CEO N G Ravi Kumar directed builders to expedite flat registrations in the names of buyers without delay. Builders who have yet to remit 25% of the total outstanding amount on their projects were instructed to settle the dues within a week and commence flat registrations in buyers’ names. Failure to comply would result in punitive action against them. Several officials from the Confederation of Real Estate Developers’ Associations of India (CREDAI), including Manoj Gaur, Geetamber Anand and Dinesh Gupta, were present at the meeting.

A total of 96 projects in Greater Noida are awaiting registries. Among these, 15 projects have cleared their dues, and registrations for flats in these projects are underway, with 2,322 flats already registered. Additionally, 40 projects have submitted 25% of their total outstanding amount, amounting to approximately Rs 276 crore, to the authority. Approximately Rs 1,200 crore more is expected from these 40 projects. Registration has commenced for these projects as well, with 315 flats already registered. The registration process for the remaining 41 projects will initiate upon the deposition of 25% of the outstanding amount.

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