Greater Noida Authority Holds Meeting with Builders to Finalize Homebuyer Registry

GNIDA directed real estate developers to pay dues and expedite flat registrations to address homebuyer grievances. 96 projects in Greater Noida are affected, with 15 projects having completed registrations. Developers of 40 projects have paid 25% of dues, enabling registration to begin. The remaining 41 projects must pay 25% dues within a week, or face action including sublease cancellation and property attachment. Developers have requested a time extension till July 31 to complete payments due to election code of conduct constraints.

The Greater Noida Industrial Development Authority (GNIDA) on Wednesday held a meeting with real estate developers from industry body CREDAI, directing them to pay dues soon and ensure registry of flats in scores of projects in the area.

Pending registries and delayed possession of flats is a pressing issue in Noida and Greater Noida for a long time, with the Uttar Pradesh government also pushing for the resolution of homebuyer's woes.

At the Centre, too, a panel headed by Amitabh Kant has made recommendations to end the distress involving homebuyers, builders and the local authorities.

''On Wednesday, GNIDA CEO N G Ravi Kumar instructed the builders to get the registration done in the names of the flat buyers immediately. He asked the builders who have not deposited 25 per cent of the total outstanding amount on their projects to make the payment within a week and start the registration of the flats in the names of the buyers, failing which action would be initiated against them,'' according to an official statement.

Many officials from the Confederation of Real Estate Developers' Associations of India (CREDAI), including Manoj Gaur, Geetamber Anand, Dinesh Gupta, were present in the meeting.

The GNIDA said it is making efforts to get the flats registered on the basis of the recommendations of the committee led by Amitabh Kant which was formed with the aim of providing houses to flat buyers. In total, there are 96 such projects in Greater Noida in which registries are to be done.

''Out of these 96, there are 15 projects on which there is no dues, the flats of these projects are being registered. So far, 2,322 flats have been registered in these 15 projects. Apart from this, there are 40 such projects whose builders have deposited 25 per cent of the total outstanding amount of about Rs 276 crore to the authority,'' it said.

''About Rs 1,200 crore more is to be received from these 40 projects. After depositing 25 per cent amount, registration has started in these projects also. Of these, 315 flats have been registered so far. In the remaining 41 projects, the registration process will start as soon as 25 per cent of the amount is deposited,'' it added.

The CEO directed that the 40 builders who have started the registry by depositing 25 per cent of the amount should complete the registration process quickly and the 41 builders associated with the projects who have not yet deposited 25 per cent of the amount should complete the payment within a week.

''Otherwise after this period the authority will take strict action against these builders. Action will be taken up to cancel their sublease and the property would be attached,'' Kumar was quoted as saying.

CREDAI western UP secretary Dinesh Gupta told PTI that during the meeting with the top GNIDA officials, the developers requested for time extension till end of July to complete the payments.

''Currently Lok Sabha elections are underway and the model code of conduct is in force due to which the developers are facing difficulties with financial transactions. We have requested time till July 31 so that once the elections are over, we can approach banks and other avenues for funds and it could be processed,'' Gupta said.

''The officials said they would consider our request for time extension,'' he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)