Greater Noida Authority and Builders Discuss Registry for Homebuyers

The Greater Noida Industrial Development Authority (GNIDA) engaged in a crucial dialogue with members of the Confederation of Real Estate Developers Associations of India (CREDAI) on Wednesday, addressing the long-standing issues of pending registries and delayed possession of flats. This meeting comes against the backdrop of the Uttar Pradesh government's efforts to alleviate the distress of homebuyers in Noida and Greater Noida, areas that have been marred by these issues for an extended period.

GNIDA CEO N.G. Ravi Kumar laid down clear directives for real estate developers, emphasizing the immediate need for the registration of flats in the names of buyers. He specifically called on those developers who have yet to deposit 25 per cent of their total outstanding dues on projects to do so within a week. Failure to comply with these instructions would result in stringent actions against the defaulters, including potential cancellation of subleases and attachment of properties.

The meeting saw the presence of several notable officials from CREDAI, including Manoj Gaur, Geetamber Anand, and Dinesh Gupta. These discussions are part of GNIDA's broader strategy to expedite the registry process for flats, guided by recommendations from a committee led by Amitabh Kant. The committee's formation aimed at resolving the housing crisis affecting numerous homebuyers.

According to GNIDA, there are 96 projects in Greater Noida requiring immediate registry action. Out of these, 15 projects have no outstanding dues, and 2,322 flats within them have already been registered. Additionally, 40 projects have seen builders depositing 25 per cent of the outstanding amount, totalling about Rs 276 crore. This has enabled the registration of 315 flats so far. The authority is poised to initiate the registration process for the remaining 41 projects once the requisite payments are made.

In a move to ensure compliance and expedite the registration process, Kumar has directed that builders who have initiated registry by depositing 25 per cent of the due amount should swiftly complete the process. He also reiterated that builders associated with projects who have not yet made the payment should do so within a week to avoid severe penalties.

During this pivotal meeting, CREDAI western UP secretary Dinesh Gupta conveyed to top GNIDA officials that developers are seeking an extension till July 31 for completing payments. This request stems from current financial transaction difficulties due to the ongoing Lok Sabha elections and the enforcement of the model code of conduct. Gupta expressed optimism that once elections conclude, developers would be able to secure funds from banks and other sources more readily.

GNIDA's stance reflects a firm commitment to resolving the longstanding issues faced by homebuyers in Greater Noida. By setting strict deadlines and outlining potential consequences for non-compliance, GNIDA aims to ensure that developers adhere to their obligations, thereby facilitating a smoother process for flat registrations. This initiative not only seeks to protect the interests of homebuyers but also aims to restore confidence in Greater Noida's real estate sector.