The Greater Noida Industrial Development Authority (GNIDA) executed over 1,000 flat registrations in more than 30 group housing societies between Feb 26 and March 15 under state govt’s rehabilitation package for stalled projects. The Authority plans to execute 10,000 more such registries in the coming months.
According to GNIDA’s data, most of these registries have been executed in projects in Greater Noida West, including Coco County (104), Nirala Estate (172), Panchsheel Greens (110), Happy Trails (73), among others. Additionally, registries were executed in Purvanchal Royal City (302) in Chi 5 and Migsun (24) in Omicron 3, among others.
Officials said that developers of these 30 plus projects owe dues amounting to Rs 1,800 crore after considering the relief of a two-year zero due to the Covid pandemic from April 2020 to March 2022. Under govt’s rehabilitation package, developers can avail of relief after paying 25% of the revised dues within two months initially, and the remaining amount over a period of one to three years, depending on the quantum of dues.
Developers of around 75 projects out of 96 defaulter projects have given their consent to govt’s rehabilitation package. These 96 builders owe approximately Rs 4,500 crore to the Authority, including about 21% relief in paying interest and penal interest for two years. Officials noted that if deals with all these 45 projects materialise, it would open the doors for the registry of around 15,000 flats.
Similar exercises are being undertaken by the Noida and Yamuna authorities to execute flat registries. The Noida Authority has initiated special drives in various housing societies where officials of the sub-registrar, the Authority, and the builders are executing the registries for flat buyers.