The Noida authority has instructed 42 out of the 57 real estate developers to settle their outstanding payments and secure approval for property registration, providing a sense of relief to buyers who have been eagerly anticipating the transfer of ownership of their apartments.
The instruction was given during a meeting conducted with real estate agents at the Sector 6 office on Wednesday.
The Noida authority's chief executive officer, Lokesh M, recently held a meeting with the Confederation of Real Estate Developers Association of India (CREDAI), a lobbying group for realtors. During the meeting, Lokesh M urged the association to settle their outstanding payments in accordance with the "stalled legacy housing projects" policy that was introduced on December 21, 2023.
The registration of apartments in the stagnant housing projects has emerged as a crucial concern in the ongoing campaign for the 2024 Lok Sabha elections.
Opposition contenders Rajendra Solanki from the Bahujan Samaj Party and Dr. Mahendra Singh Nagar from the Samajwadi Party are enticing voters with promises of assistance should they win the election. Additionally, they have voiced their disapproval of the ruling Bharatiya Janata Party (BJP) for the sluggish pace of registry procedures.
Conversely, Dr. Mahesh Sharma, the BJP candidate and incumbent MP, asserted that the BJP-led government in Uttar Pradesh has introduced a new policy to facilitate the registration of flats.
Uttar Pradesh chief minister Yogi Adityanath mentioned during his visit to Greater Noida for an "intellectuals meet" on April 1 that his government has introduced a policy for "stalled legacy" projects in order to resolve the concerns of homebuyers.
During the meeting, the authority confirmed that 42 out of 57 realtors have agreed to make payment for their outstanding dues in stalled housing projects. Prior to the meeting, only 35 realtors had given their consent to pay the dues.
Lokesh M said, "As per the policy (meant for the stalled housing projects), these realtors, who have given consent will pay 25% of total dues and the remaining 75 will be paid in next one to three years.”
He also added,"At least 15 realtors out of 42 have already paid the dues till April 9 and got permission for registry. And now the remaining 27 realtors will start paying the dues to get permission of registry."
These 27 realtors were told to pay their dues till April 12, 2024, but CREDAI sought more time to make the payment as per the new policy.Also the authority has directed the developers to execute the remaining registries at the earliest.
Dinesh Gupta, secretary, CREDAI, said,“We thank the Noida authority chief executive officer Lokesh M, who gave additional time to make the payments to developers, who are yet to make the payment under the new policy. We want more and more apartment buyers to get their registry done under the new policy announced by the state.”
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