Noida authority yet to get Rs 10,000 crore from partially completed projects

NOIDA: More than Rs 10,000 crore are to be recovered from as many as 52 group housing projects in the city, which have been issued partial completion certificates, according to the Noida Authority. And without full or partial settlement of dues, giving permission to conduct registry is difficult, officials said.

Following the directives of the UP government, the Noida Authority has been reviewing the status of the projects where registry is pending. And before forwarding its response to senior officials, the Authority has sought estimates of the inventory that has been handed over to the buyers by the developers without executing the registry.

While builder bodies, NAREDCO and CREDAI, maintain that such inventory is in the range of 50,000 to 80,000 flats, the Noida Authority has sought written response from them . “While registry camps are being organised to expedite tripartite agreement processes in the projects which have cleared their dues, efforts are being made to assess the numbers of units that remain occupied without paying stamp duty. We are awaiting response from the builder bodies,” said Noida CEO Ritu Maheshwari.

Meanwhile, the proposal to initiate a pro-rata registry process whereby developers will be allowed to execute registry in proportion to the payment made, has been sent to the state government for its approval. The Authority might give relaxations to developers to pay a certain percentage of the entire due amount (as per State Bank of India’s marginal cost of funds-based lending rate) in advance before being given the nod for registries.

The Authority has to recover over Rs 25,000 crore from private developers who were given permission to develop 116 group housing projects and sports cities. However, the registry logjam is hounding flat buyers who have invested in the 52 projects, which are yet to get a total completion certificate and the sum in question is Rs 10,000 crore.