February 7, 2024: Nearly 6,500 flats across 30 projects in Greater Noida are likely to be registered over the next few weeks as developers have accepted Uttar Pradesh’s rehabilitation package, according to a TOI report.
Developers who have accepted the government’s package will be eligible for a ‘zero period’ waiver of penalties and interests charged during the two years of the COVID-19 pandemic. After the waiver, the dues for each developer will come down by around 20%. However, they will be required to deposit 25% of their recalculated dues upfront.
The realtors who have accepted the government package include Nirala, Rudra Buildwell, Antriksh, Panchsheel and Himalaya. The projects by these developers are mostly in Greater Noida West.
According to the TOI report, in Noida, only 15 of 57 realtors have accepted the government’s package that is aimed at expediting stalled projects across the state, the majority of them in Noida and Ghaziabad. This will pave the way for the registration of only 1,600 flats against a total of 32,000 across these 57 developers.
As cited in the report, officials said that the developers of the remaining 34 projects were being informed about their recalculated dues. Moreover, the Greater Noida Authority expects to generate revenue of over Rs 1,400 crore from these projects over the two years.
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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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