April 12, 2024: The Noida Authority has asked 42 of 57 real estate developers to pay their dues and obtain permission to execute registry of stalled housing projects, according to a Hindustan Times report. The move will provide relief to homebuyers who have been waiting to get flats transferred to their name. The residents can register the flats within 90 days from the payment date. The direction came during a meeting held realtors in Sector 6 office on April 10, 2024.
The Confederation of Real Estate Developers Association of India (CREDAI) met with Noida authority chief executive officer Lokesh M who asked them to clear their dues under the stalled legacy housing projects policy announced on December 21, 2023, the report mentioned.
In December 2023, the Uttar Pradesh government asked the Noida development authorities to register within 90 days all flats that were mired in legal cases. According to the UP government policy, registration of stalled flats could start after the builder paid 25% of the dues, with the remaining 75% to be paid in the next one to three years.
Until April 9, 15 realtors out of 42 have already paid the dues and received permission to register 1,400 apartments. And now the remaining 27 realtors will start paying the dues to get permission of the registry, Lokesh M said, as cited in the report.
These 27 realtors were asked to pay their dues by April 12, 2024. However, CREDAI has sought more time to make the payment as per the new policy. In view of the demand, the authority directed the realtors to pay the dues by May 12, 2024. As the 15 realtors have paid 25% of their total dues and the authority has given permission for registry of 1,400 apartments, till April 9, 2024, a total of 325 registries have taken place so far. The authority has directed the developers to execute the remaining registries at the earliest, said officials as mentioned in the report.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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