NAREDCO Uttar Pradesh urges its members to submit registry plan to authority

The National Real Estate Development Council (NAREDCO) has urged the developers to start the registry of flats as the local authority in Noida and Greater Noida has started a drive for the same.

The association of developers said that the UP government has accepted the proposal to allow registry of flats on deposit of land dues liability per flat, worked out by the authority applying simple interest at SBI-MCLR as per Supreme Court Order.

“Supertech Group has also submitted their request letter giving calculations of liability based on the Supreme Court Order and on knowing further modalities from the authority, action for registry shall start. We hope that government will accept our proposal so that we can obtain registry permission by paying dues on per flat basis. It will help government to collect revenue as well as individual customers to get their registry done,” said R K Arora, Chairman, Supertech Group and President NAREDCO-UP.

Registry for 50,000 units are pending currently in Noida.

NAREDCO-UP has sent directions to all NAREDCO members including Panchsheel, Ajnara, Antriksh and Migsun Group.

The Chief Secretary, UP in a meeting with the developers and the CEOs of Noida, Greater Noida and Yamuna Expressway Authorities had discussed the buyers’ complaints in this regard and as a solution, the above proposal was accepted in principle.

Noida authority has threatened to take action against real estate developers who have offered possession to homebuyers without doing the registry.

The authority conducted inspection of 18 housing societies and found people living there for 4-5 years without registry causing revenue loss to the state government.

Now the authority has started special camp in housing societies for the registry of flats.

The authority has also said that instead of paying dues in one go, the builder can pay the dues during the registry of flats. Noida authority has given three months time to complete the registry.