Noida: As builders await pay plan, registry logjam continues

NOIDA | GREATER NOIDA: The registry logjam in the city is far from over even after the state chief secretary’s directions. Developers in the twin cities say that they have not received any communication from the two authorities yet over the revised payment plan as per the State Bank of India’s marginal cost of funds-based lending rate (MCLR).

However, some special camps organised by the Noida and Greater Noida authorities have resulted in the registry of 300 flats in the twin cities over the past one week.

Sources told TOI that officials are waiting for March 22, when the review petition filed by the Noida Authority against the dropping the interest rate will be taken up by the Supreme Court.

However, managing director of the Gaurs Group and chairman of CREDAI’s affordable housing committee, Manoj Gaur said that the delay tactics will cause more hardships for buyers. “Senior officials have given directions to the two authorities to recalculate dues as per SBI’s MCLR. In case the apex court decides otherwise, additional payment can be sought later on. But we have not got any new demand letter or payment terms from the two authorities,” he said.

Additional chief executive officer of the Noida Authority, Neha Sharma said that it’s a tedious process to switch over to the new interest regime and several hurdles have to be crossed. “But we are working on the matter. At the same time, the registry of flats is being conducted in proportion to the money developers have deposited with the Authority,” she said.

Almost 45 private group housing projects in Noida and 55 in Greater Noida have been granted completion certificates. But more than 150 projects in the two cities have inventory which is yet to be registered under the tripartite agreement (between buyer, builder and the authority concerned).

In the absence of a comprehensive survey, there is no clarity on the numbers of flats which have been sold to buyers and the ones which have been given out to them without executing registries in Noida and Greater Noida. While the Noida Authority has set a target of more than 5,000 flats, the Greater Noida Authority is yet to set any target.

“A lot of buyers who were approached said that they were out of town and will need time to come to the city and execute the registry. Those who are available and willing to pay the stamp duty charges are being called. Around 300 registries have taken place in the past one week,” said an official from the authority.

Meanwhile, people who bought flats in the Sports Cities are still waiting for an outcome. Din Bandhu Nayak, who bought a flat in one of the stuck projects in Sector 79 Sports City, said, “Nobody is responding to our queries. Both the builder and the Noida Authority are evading the buyers at this point. We heard about the formation of the consortium but nothing after that.”