GNIDA plans to extend the period of Penalty Waiver for delayed Flat Registrations

The Greater Noida Industrial Development Authority (GNIDA) is likely to extend the penalty waiver for homebuyers unable to register their flats due to developers’ unpaid dues for another six months. The decision is expected in the upcoming board meeting. 

Initially introduced in July 2024 for six months, the waiver has already benefited over 6,500 homebuyers, each saving Rs. 2 lakh to Rs. 2.5 lakh in penalties.

Officials noted that the initiative boosted property registrations and reduced legal disputes.

Homebuyer groups, including the Noida Extension Flat Owners' Welfare Association (NEFOWA), have requested an extension, citing financial struggles.

"Since the government’s policy for stalled projects took effect in December 2023, over 11,500 registries have been completed, with 6,500 benefiting from the waiver," said Saumya Srivastava, OSD at GNIDA. 

"Many buyers want to complete their registries but need more time to arrange funds. We are hopeful that GNIDA will consider our request," said NEFOWA President Abhishek Kumar. 

The scheme was launched to assist nearly 40,000 homebuyers affected by stalled projects. Despite receiving occupancy certificates, many buyers could not register their flats because developers had failed to clear dues, leaving them without legal ownership. 

A similar waiver was granted in 2018, allowing buyers to register their flats without penalties. However, those whose developers still owed dues remained ineligible. Once the relief period ended, these buyers faced daily penalties Rs. 50 for flats under 100 sqm and Rs. 100 for larger homes leading to accumulated fines of Rs. 2 lakh to Rs. 2.5 lakh per buyer.