NOIDA: Stalled for a long time, registry of flats will begin in the city with the first green light coming for 1,084 buyers who have received possession of their homes.
Clearing the decks for this are consent letters from seven real estate companies to clear 25% of their total dues within 60 days and the rest in instalments in line with the relief package rolled out by the state government last month based on recommendations of the Amitabh Kant committee. The Noida Authority will receive around Rs 100 crore in total recalculated dues.
Earlier this month, the Noida Authority held a meeting with the developers of over 50 stalled housing projects to inform them about their recalculated dues after extending them a two-year zero-period waiver accrued during the Covid pandemic (April 1, 2020 to March 31, 2022). Most realtors were assured of a 21% rebate.
Officials said five builders – IITL Nimbus (Hyde Park, Sector 78), Capital Infraprojects (The Golden Palm, Sector 168), Divine India Infrastructure (Divine Meadows, Sector 108), HR Oracle (Elite Homz, Sector 77) and Aims RG Angel (Eco City, Sector 75) – have paid 25% of revised dues upfront. Two other developers – Sunshine Infrawell (Helios, Sector 78) and Gulshan Homes (Ikebana, Sector 143) – have also accepted the recalculated dues.
According to officials, Divine India Infrastructure has deposited Rs 3.5 crore, Capital Infraprojects Rs 1.65 crore, HR Oracle Rs 8.2 lakh, and Aims RG Angel Rs 99 lakh.
IITL Nimbus was exempted from paying any dues after the zero-period waiver. Director Manoj Sharma said, “We have no dues to pay to the Authority and the registry of the remaining flats in The Hyde Park will be completed soon.”
Homebuyers, some of whom had booked their flats nearly 15 years ago, said they have suffered a lot due to non-registration of flats and there was finally a light at the end of the tunnel. Dheeraj Kumar, a resident of Divine Meadows, said he booked his flat in 2009 and got its possession in 2014 even though the society was partially finished. “The builder got the occupation certificate in 2018 but the registry could not be processed. Till now, the society does not have a fire NOC. But we hope to get the ownership rights and form an apartment owners’ association soon,” he said.
Registries were stalled for over 32,000 flats in 57 defaulter projects in Noida that cumulatively owe the Authority Rs 8,000 crore. Officials said talks were on with the developers of over 30 such projects, who are likely to avail of the rehabilitation package.
In Greater Noida, which has a higher share of flats awaiting registration than Noida, the Authority will also issue consent letters to 10 builders this week, paving the way for registries to resume in the sister city too.
Greater Noida Authority CEO Ravi Kumar NG said 96 defaulter projects with around 70,000 flats owe Rs 5,500 crore in dues. “We are going to issue letters to all the 96 builders. Registration will start as soon as the first 25% of the recalculated dues is deposited,” he said.
The Yamuna Authority, too, will issue letters to developers of nine defaulter projects, which will unlock registries for around 10,000 homebuyers. “The revised dues will be discussed in the January 29 board meeting. Once we get the board’s approval, we will send the letters to builders and ask them to clear their dues,” CEO Arun Vir Singh said.
