 "real estate")
If you're awaiting a home in Noida, there's some encouraging news. On Thursday, the Noida Authority announced progress in resolving issues with stalled housing projects.
Of the 57 real estate developers involved in delayed projects, 20 have paid 25% of their dues. This payment will help them in completing the registration process for homebuyers. According to the Noida Authority, the payment should generate around Rs 450 crore in the future.
"As per the state government order dated December 12, 2023, to solve the problems of legacy stalled real estate projects, out of total 57 builders, 20 builders have deposited Rs 170.77 crore -- 25 per cent of the total payable amount calculated after exemption," the authority said in a statement.
"Four developers have paid a total of Rs 224.45 crore by May 9, 2024. This includes part payments totalling Rs 53.68 crore, said Noida Authority CEO Lokesh M.
Pending registries
The Noida Authority also said that 1,604 registries are pending with the 20 developers who have already paid 25% of their dues. Some builders have assured that around 200 of these registries will be completed in the coming weeks as part of a special campaign.
More From This Section
A similar registry review meeting was held on May 8 between Greater Noida Authority CEO NG Ravi Kuma, Credai representatives and developers of 97 projects in the city, with the focus was on speeding up the registration process and addressing the concerns of homebuyers.
44% stalled projects in NCR
Pending registries and delayed possession of flats are pressing issues in Noida and Greater Noida for a long time, with the UP government also pushing for resolution of homebuyers' woes in line with the recommendations of the Amitabh Kant panel on stalled projects.
In December, Uttar Pradesh had approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects.
Two major points of the committee’s recommendations that were approved were:
1. Immediate registry and sub-lease deed rights to homebuyers.
2. Benefits of 'zero period' to developers in terms of penalties for a delay during Covid-19 from April 1, 2020, to March 31, 2022.
A report by former Niti Aayog CEO Amitabh Kant revealed that 44% of stalled projects in India are in the National Capital Region, with 21% in the Mumbai Metropolitan Region. The Indian Banks' Association estimated that 412,000 stressed housing units, worth Rs 4.08 trillion, are affected by these delays. Noida ranks as the worst city for stalled projects, with 35% of such cases occurring here.
Burden on homebuyers
The situation has been particularly tough for buyers, many of whom are still paying EMIs for incomplete flats while also covering the rent for their current homes. A white paper, issued by citizens' platform Noida Dialogue and private body Namo Seva Kendra in November 2023 noted that 100,000 individuals are waiting to register their flats, and nearly 60,000 are yet to receive their homes long after the possession date.
