February 27, 2024: The Noida Authority has made a decision to grant permission for the registration of at least 13,600 apartments across 35 stalled housing projects. This move comes after the respective real estate developers provided written consent to settle outstanding land dues. As per a report from Hindustan Times, in order to obtain the registration approval, these developers have collectively agreed to pay Rs 552 crore. This amount constitutes approximately 25% of the total dues amounting to Rs 2,000 crore.
The list of 35 housing projects eligible for apartment registrations includes various developments such as Prateek Fedora in Sector 61, The Hyde Park in Sector 78, Apex Dream Homes in Sector 75, Divine Meadows in Sector 108, Gulshan Homes in Sector 144, Golf Avenue in Sector 75, Gulshan Botnia in Sector 144, Elite Homes in Sector 77, Mahagun Moderne in Sector 78, Sunworld in Sector 107, Sunshine Helios in Sector 78, PAN Realtors in Sector 70, Omaxe Buildwell in Sector 93B and ATS Township in Sector 104, among others.
According to the CEO of the Noida Authority, 12 developers have already settled their dues and obtained approval for the registration of around 1,200 apartments within their stalled projects. It is worth noting that the Noida Authority grants registration permission once a developer has paid 25% of their total dues, following the policy endorsed by the Uttar Pradesh government on December 21, 2023. Under this policy, developers are entitled to waivers on penal interest for two COVID-19 years and also for the period when construction was halted due to court orders.
After deducting penal interests, the 35 developers in question have agreed to pay 25% of the total dues to qualify for apartment registrations. The authority will grant permission for the registration of remaining apartments in each housing project as developers continue to clear the outstanding dues over the next one or two years.
Furthermore, the authority has decided to arrange registration camps at housing complexes to alleviate any inconvenience for homebuyers. The inaugural camp is scheduled to take place at the community hall of Express Zenith society in Sector 77 on March 1, 2024. These camps will be conducted in each society, with registry department staff present to facilitate the process and spare buyers the need to visit Noida’s Sector 33 registry office.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
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