Authority’s directive to fasten the procedure for property registration in Noida is a reason to cheer for investors. In a recent development, the Greater Noida Authority asked city-based developers to complete the registry process by 31st December. Non-compliance to which will lead to serious repercussions the authority said.
Further, the authority officials said, that realtors will not be entitled to waivers on the imposed financial blocks, in case of incomplete project registries.
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“This is the last chance for builders. After this notice, the realtors not registering flats by December 31 will not be given any more time. The authority will take action and will withdraw the relief on interest granted to housing projects following the recommendations of the Amitabh Kant Committee,” said Saumya Srivastava, Additional Chief Executive Officer (ACEO), Greater Noida.
Furthermore, on Noida flat registry, the ACEO said, “We have directed the building department of the authority to lay more emphasis on registry to flat buyers or to cancel the allotment of erratic builders. Of the total 98 projects in Greater Noida, 76 are covered under the policy prepared on the recommendations of the Amitabh Kant committee.”
Meeting Took Place at Authority’s Head Office
The decision was taken in the meeting chaired by ACEO with realtors in the authority’s head office in Knowledge Park 5. A presentation of residential projects in Greater Noida along with registry pendency was evaluated in the meeting.
Against which project, developers have partially submitted 25 percent of the payment. There are a total of 62,912 flats in these projects and a completion certificate (OC) has been issued for 38,661 flats and 31,600 flats are registered.
However, in Greater Noida flat registry for 7,000 flats is still pending. The pendency remains even after the Uttar Pradesh Government rendered a waiver to realtors. The meeting intended that Property registration in Noida is a must to complete before 21st, January 2025 to avoid penalty imposition.
On the issue Dinesh Gupta, Secretary, Confederation of Real Estate Developers Association of India (CREDAI) said, “These realtors should come forward to make sure that the homebuyers get the registry done and get relief. We will try to resolve the deadlock and help the homebuyers get the registry done in these projects. Most of the realtors are eagerly taking benefit of the State Government policy and executing registry in favour of the homebuyers.” Replying on the given directive, Abhishek Kumar, President, Noida Extension flats owners welfare association said, “We hope that after the authority’s warning these five developers will come forward to execute the registry and complete all formalities required for registry with an aim to address the issues of the buyers.”
