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In Noida, 20 out of 57 real estate developers involved in stalled housing projects have paid 25% of their dues to complete homebuyers' registration, yielding approximately INR 450 crore for the Noida Authority. Four builders have already deposited INR 83.47 crore, with a total of INR 224.45 crore received by May 9, 2024. Pending registries and delayed possession remain critical issues. 18 builders have agreed to pay, with assurances from some in sectors 76, 78, and 168. 1,604 registries await completion. CREDAI representatives attended meetings with Noida and Greater Noida Authorities to address these challenges, following UP government directives.
In Noida, the local authority disclosed that 20 out of 57 real estate developers, engaged in stalled legacy housing projects, have made payments of 25% of their dues to facilitate the completion of homebuyers' registration. This move comes following a directive from the state government, dated December 12, 2023, aimed at resolving issues in stalled real estate projects. As a result, these builders have collectively deposited INR 170.77 crore, which accounts for 25% of their total payable amount after exemptions were applied. Advertisement
After a meeting chaired by CEO Lokesh M, the Noida Authority projected a promising future, estimating that approximately INR 450 crore will be received from these 20 builders. Highlighting progress, the authority revealed that four builders have already made substantial deposits, contributing INR 83.47 crore and a partial payment of INR 53.68 crore, totaling INR 224.45 crore received by May 9, 2024.
Despite these positive strides, challenges persist in the form of pending registries and delayed possession of flats, which have long plagued Noida and Greater Noida. Acknowledging the gravity of the situation, the UP government has been actively advocating for the resolution of homebuyers' woes, aligning with the recommendations of the Amitabh Kant panel on stalled projects.
While 18 builders have expressed consent to deposit 25% of the outstanding amount, specific assurances have been made by builders in sectors 76, 78, and 168 regarding imminent payments. The authority has identified 1,604 registries to be processed by the 20 builders who have already deposited 25% of their dues.
In a bid to expedite the resolution process, some builders have committed to completing approximately 200 registries in the coming weeks, under a special campaign targeting homebuyers. This proactive approach demonstrates a concerted effort to alleviate the backlog and address the concerns of affected stakeholders.
During discussions with the Noida Authority, representatives from CREDAI, including Patron Geetambar Anand, President Amit Jain, and Secretary Dinesh Gupta, provided valuable insights and support. Credai's involvement underscores the collaborative effort between industry stakeholders and government bodies in finding viable solutions to complex challenges within the real estate sector.
Similar efforts are underway in Greater Noida, where a registry review meeting was conducted by CEO NG Ravi Kumar, in conjunction with Credai representatives and developers from 97 projects. This concerted effort signifies a coordinated approach across administrative jurisdictions to address the multifaceted issues surrounding stalled projects and facilitate the timely delivery of promised housing units to buyers.
In summary, the progress made by 20 builders in depositing 25% of their dues marks a significant step forward in addressing the longstanding issues afflicting the real estate sector in Noida and Greater Noida. With continued collaboration between stakeholders and sustained efforts from government authorities, there is optimism for the timely resolution of pending registries and the eventual delivery of homes to eager buyers.
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