Advertisement
Greater Noida: In a significant move, at least 30 developers in Greater Noida have given their consent and signed agreements to pay 25% of their dues under the Uttar Pradesh government’s 2023 realty policy. This step aims to expedite the registry process for 6,500 apartments in stalled housing projects, providing relief to homebuyers.
Under the December 21, 2023, policy, developers are eligible for waivers on penal interest for two critical periods—the Covid-19 lockdown and construction disruptions due to court orders. Developers who have agreed to pay 25% of their dues will now be eligible for apartment registries, marking progress in resolving stalled projects.
Saumya Srivastava, Additional Chief Executive Officer of Greater Noida authority, shared that at least 30 developers have embraced the agreement, with efforts ongoing to encourage more realtors to utilize the scheme. The authority is keen on obtaining permissions for registries, ultimately relieving homebuyers from prolonged uncertainties.
The policy empowers the authority to cancel allotments of developers who refuse to clear dues and take over incomplete projects. Furthermore, the authority holds the right to blacklist defaulting developers for up to five years within the jurisdictions of Noida, Greater Noida, and Yamuna Expressway.
With 96 stalled projects encompassing 75,000 units in Greater Noida, officials emphasize the potential impact of the 2023 policy. Developers participating in the initiative are expected to contribute a total of ₹350 crore, facilitating the registry of 6,500 apartments across 30 stalled housing projects.
To facilitate the swift resolution of pending dues and expedite the registry process, the authority has formed three committees, each led by a deputy general manager. The commitment to resolving financial obligations is anticipated to lead to necessary permissions and completion of the process within one to two months, according to officials.
