April 2, 2024: The Noida Authority has granted permission for the registry of a total of 13,639 apartments, as 35 housing project developers have agreed to clear their financial dues, according to media reports. To obtain the approval for the registry of the ready apartments, these developers have agreed to pay Rs 552 crore, which is 25% of total dues of Rs 2,000 crore.
According to the policy sanctioned by the Uttar Pradesh government on December 21, 2023, the Noida Authority authorises registry permissions once developers settle 25% of their total dues.
Under this policy, developers receive exemptions on penal interest for two years during the COVID-19 pandemic and for the duration when construction activities were disrupted due to court orders.
After adjusting the penal interests, the 35 developers have agreed to pay 25% of their total dues to qualify for apartment registries, Noida Authority officials confirmed, as mentioned in media reports.
In December 2023, Uttar Pradesh chief minister Yogi Adityanath instructed the Noida Authority to ensure that homebuyers receive possession and apartment registries without any hassles.
The authority said that once all the remaining 21 realtors who have given their consent will pay the dues they will receive permission of registry to at least 32,453 more apartments, as per a Hindustan Times 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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