NOIDA: Around 6,500 flats across 30 projects in Greater Noida are likely to be registered over the next few weeks as their developers have accepted UP govt’s rehabilitation package.
The response is unlike that in Noida, where only 15 of 57 realtors have accepted the package, which is intended at expediting stalled projects across the state, majority of them in Noida and Ghaziabad. This will pave the way for only 1,600 flats to be registered against a total 32,000 across these 57 developers.
Officials said the Greater Noida Authority hoped to earn a revenue of over Rs 1,400 crore from these projects over the two years. The realtors who have accepted the govt deal include Nirala, Rudra Buildwell, Antriksh, Panchsheel and Himalaya. Their projects are concentrated around Greater Noida West.
Greater Noida has 96 projects in total where the registries of 70,000 flats are due. Together, they owe the Authority some Rs 5,500 crore. These apart, there are 30 projects whose cases are being heard in various courts, among them Supertech, Amrapali, Unitech, and Mahagun. They are not being considered for the package.
Saumya Srivastava, an OSD at the Authority, said the process to take consent from 32 more builders would be completed in a week.
“We have assigned three managers with the responsibility of reaching out to the developers and resolving their queries. The developers who have already given their consent are being asked to give us a date by when they will deposit the initial amount of their recalculated dues. A database with all the details is being created. We are also seeking details of under-construction flats that are likely to be completed in three years,” he told TOI.
Builders who accept the govt’s package will be eligible for a ‘zero period’ waiver of penalties and interests charged during the two years of the Covid pandemic. After this waiver, the dues of each builder will come down by around 20%. But they must deposit 25% of their recalculated dues upfront.
Officials said the developers of the remaining 34 projects were being informed about their recalculated dues.
So, why is the response encouraging in Greater Noida when it’s not so in Noida?
Officials said since most of the projects on board had flats in various stages of construction, their developers were looking to clear all hurdles and sell these units at a time the real estate market in the region was seeing a drastic rise in cost.
Dinesh Gupta, the Credai secretary in western UP, said the registry deadlock could end for around 30,000 flats over the next three to four months while another 30,000 could be ready in six months.
“The real estate market has immense scope in Greater Noida. So, developers are showing interest in clearing the dues. Plus, most of the builders owe small amounts to the Authority and have got significant relief under the two-year zero period waiver,” he added.
