Noida Authority to Kickstart Flat Registry Camp for Legacy Stalled Projects

Noida Authority is initiating a flat registry camp to address the issue of legacy stalled group housing projects. The camp aims to facilitate the registration of over 13,000 flats, with an expected 100 registrations on the first day.

In a significant move to address the long-standing issue of legacy stalled group housing projects in Noida, the Noida Authority has announced the commencement of a dedicated registry camp for affected flat buyers. The camp, scheduled to begin on Friday, aims to facilitate the registration of thousands of flats that have been caught in limbo due to various project delays.

Inauguration and Expected Registries

The registry camp will be inaugurated at the premises of Express Zenith Society in Sector 77, Noida. According to authority officials, approximately 100 flat registries are anticipated on the first day of the camp, with the long-term goal of completing registrations for over 13,000 flats.

Background and Recent Developments

This development comes shortly after Noida Authority CEO Lokesh M held a crucial meeting with the industry body CREDAI (Confederation of Real Estate Developers' Associations of India) to address the legacy stalled projects in line with the recommendations of the Amitabh Kant Committee report. The CEO had urged CREDAI members to comply with a government order issued on December 21, 2023, which stipulated that concerned builders must provide consent and deposit 25% of pending dues to enable the execution of sub-lease documents in favor of flat buyers.

CREDAl's Response and Relief Package

Dinesh Gupta, the secretary of CREDAI Western Uttar Pradesh, revealed that nearly all of the 57 developers with projects in Noida have consented to the relief package offered by the Noida Authority. While not all recommendations from the Amitabh Kant Committee report were accepted, CREDAI has agreed to the relief measures provided, including a zero-period interest waiver on delays during the two-year COVID-19 period. Gupta highlighted that developers could potentially benefit from a maximum waiver of up to 15% or 20% of their total pending dues.

Progress and Upcoming Registries

As of the last week of February, Gupta reported that builders had already deposited a partial amount of Rs 70 to Rs 80 crore with the Noida Authority. An additional Rs 1,000 crore is expected to be deposited in the coming days, which will expedite the registry process for an estimated 5,000 to 6,000 flats in the near future.

The registry camp marks a significant step towards resolving the long-standing issue of legacy stalled projects in Noida. With the cooperation of CREDAI members and the implementation of the relief package, thousands of flat buyers can finally look forward to the registration of their properties, bringing much-needed relief and closure to their protracted wait.