Noida authority allows registration of 13,639 apartments

The Noida authority on Sunday said that it has given permission for the registry of a total of 13,639 apartments as realtors of 35 housing projects have given their consent to clear their financial dues.

To obtain the permission for the registry of the ready apartments these developers have agreed to pay 552 crore financial dues that is 25 percent of total dues of 2,000 crore.The Noida authority gives permission for the registry after a developer pays 25 percent of their total dues as per the policy approved by the Uttar Pradesh government on December 21, 2023.

Under the policy the developers get waivers on penal interest for two years during the Covid 19 period and also for the period when the construction work got disrupted due to the court orders.

After deducting the penal interests, these 35 developers have given their consent to pay 25 percent of total dues to become eligible for the registry of the apartments, said the Noida authority officials.

“So far 14 realtors have already paid 112 crore and got the permission for the registry of 500 apartments. We have executed 500 apartment owners’ registries by organising camp first in sector 77 housing complex, and later in our main administrative office located in sector 6,” said Lokesh M, chief executive officer of the Noida authority.

The authority said that once all the remaining 21 realtors who have given their consent, will pay up the dues they will get the permission of registry to at least 32,453 more apartments.

“We hope that the remaining 21 promoters will clear their dues and get permission in April month as they have given the consent after pursuance and a lot of meetings with each realtor,” the CEO said.

Chief minister Yogi Adityanath had directed the Noida authority in December end, 2023 that the home-buyers must get possession and apartment registry without any inconvenience.

The Noida authority is facing a huge challenge to convince at least 22 realtors, who are yet to come forward to clear their financial dues to become eligible for the registries of the apartments in their respective housing projects.

Why are real estate developers reluctant to clear their dues?
These developers are reluctant to clear their dues even after the authority has offered them waivers under a new December 21, 2023 policy meant for the “stalled legacy housing projects”.

One of these realtors, requesting anonymity, said that they will not opt for this scheme and pay dues until the authority gives them two waivers simultaneously that is two years of Covid 19 period and also for the period, when construction was halted due to the ban on construction by national green tribunal. Meanwhile the authority is first giving 2 years Covid 19 period waivers only, asking them to clear the dues.

Manoj Kumar Singh, additional chief secretary, who is also state’s infrastructure and industrial development commissioner and chairman for the Noida authority, said: “We are giving Covid 19 waiver and once they get it and pay 25 percent of dues, we will issue permission for registry.”

“But if we give waivers for Covid 19 and NGT construction ban period, then the authority will suffer huge financial loss. Therefore, we are pursuing the realtors to clear their dues and pave the way for the registry,” he added.