Progress in Noida: 20 Builders Pay Dues for Stalled Housing Projects

In a significant development for the real estate sector in Noida, 20 out of 57 developers entangled in stalled legacy housing projects have initiated steps towards resolving homebuyers' registration issues. This move comes as a part of the efforts to address the long-standing challenges of pending registries and delayed possession of flats in Noida and Greater Noida.

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Following a directive from the state government dated December 12, 2023, aimed at mitigating the problems associated with legacy stalled real estate projects, these developers have collectively deposited Rs 170.77 crore. This sum represents 25 per cent of the total dues calculated after exemptions were granted, as per the Noida Authority's announcement.

The local authority, under the leadership of CEO Lokesh M., disclosed that this financial inflow is part of an anticipated Rs 450 crore from these 20 builders. As of May 9, 2024, four builders have already contributed Rs 83.47 crore towards this initiative, with an additional partial amount of Rs 53.68 crore being collected, summing up to a total receipt of Rs 224.45 crore.

The pressing issue of pending registries and delayed possession has been a sore point for homebuyers in the region for an extended period. The UP government has been actively seeking solutions, aligning with recommendations from the Amitabh Kant panel on stalled projects to alleviate homebuyers' woes.

Furthermore, the Noida Authority highlighted that 18 builders have expressed their willingness to deposit 25 per cent of their dues soon, particularly those operating in sectors 76, 78, and 168. This commitment is expected to facilitate the completion of 1,604 registries by these developers.

In an encouraging development for homebuyers, some builders have informed the authority about their plans to conduct approximately 200 registries in the upcoming weeks under a special campaign designed for homebuyers. They also assured swift action on other pending registries.

The meeting that led to these developments saw representation from Credai through its Patron Geetambar Anand, President Amit Jain, and Secretary Dinesh Gupta. It's noteworthy that this meeting was not an isolated event; a similar registry review meeting was convened at the Greater Noida Authority by its CEO NG Ravi Kumar with Credai representatives and developers overseeing 97 projects in the city.

This collective effort by developers and authorities signifies a crucial step towards resolving some of the longstanding issues faced by homebuyers in Noida and Greater Noida. It reflects a concerted push by both governmental bodies and private sector players to bring relief to affected homebuyers and inject momentum into the region's real estate sector.