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Noida and Greater Noida Authorities Adopt Recommendations to Help Stuck Real Estate Projects
In a bid to assist homebuyers in acquiring their properties and builders in completing stalled projects, the boards of Noida Authority and Greater Noida Authority have implemented the Uttar Pradesh government’s order to implement the recommendations of the Amitabh Kant Committee on real estate projects.
According to official estimates, this decision will impact approximately 190 group housing projects in Noida and Greater Noida, where developers owe around Rs 32,000 crore in dues, and over one lakh flats are yet to be delivered to buyers.
Under the new measures, builders will be able to benefit from a “zero period” for project completion, an extension of the time period for depositing dues, permission for mortgages, purchase of prevailing Floor Area Ratio (FAR), and an extension of the project completion timeline. Flat buyers will also enjoy benefits such as expedited registration within three months and additional advantages.
The decision was made during the 231st board meeting of the Noida Authority and the 133rd board meeting of the Greater Noida Industrial Development Authority (GNIDA), both chaired by Manoj Kumar Singh, the chairman and Infrastructure and Industrial Development Commissioner of Uttar Pradesh. Other board members present included Greater Noida Authority CEO NG Ravi Kumar and Noida Authority CEO Lokesh M.
However, builders will only be eligible for these benefits if they adhere to the specified conditions. The recommendations of the Amitabh Kant Committee will apply to group housing projects, including those with a commercial component, as well as township development projects. Nevertheless, group housing projects under the jurisdiction of the National Company Law Tribunal (NCLT) or court must withdraw their cases to avail of these benefits. Additionally, the recommendations will not be applicable to group housing projects in the Sports City Project or those included in the Recreation Entertainment Park Scheme. Furthermore, the recommendations will not be valid for commercial, institutional, and industrial projects, as stated by the GNIDA.
The Uttar Pradesh government had previously issued orders to adopt the recommendations of the committee headed by former NITI Aayog CEO Amitabh Kant. The proposals to implement these recommendations were made during the board meeting of the Greater Noida Authority.
Manoj Kumar Singh, the Infrastructure and Industrial Development Commissioner, expressed his belief that this government initiative will provide significant relief to buyers, leading to the issuance of occupancy certificates and completion certificates for all constructed flats. He further assured that homeowners will soon have their properties registered under their names, granting them ownership rights.
To aid in the completion of stalled projects, several reliefs have been announced by the GNIDA. Builders will benefit from the “zero period” starting from April 1, 2020, to March 31, 2022, which covers the peak period of the Covid-19 pandemic. Following this, they will be required to deposit 25% of the outstanding amount within 60 days, while the remaining 75% will need to be paid with simple interest over three years. The authorities will allow co-developers to obtain permission to complete projects jointly, with both parties sharing the responsibility of paying outstanding amounts. Partial surrender of unused project land will also be permitted, and the authorities will adjust the amount already paid for the surrendered land with the builder’s dues.
This development is expected to provide much-needed relief to homebuyers and inject momentum into the completion of stalled real estate projects.
Decks clear for house registry, stuck projects in Noida and Greater Noida!
Good news for homebuyers in Noida and Greater Noida! The decks have been cleared for house registry and the long-pending issue of stuck projects is finally being addressed. This development brings much-needed relief to thousands of homebuyers who have been eagerly waiting to register their properties.
In recent years, several real estate projects in Noida and Greater Noida were left incomplete due to various reasons, leaving homebuyers in a state of distress. However, the concerned authorities have now taken proactive measures to resolve these issues and ensure that the stuck projects are completed and handed over to their rightful owners.
The implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) has played a significant role in expediting the resolution process. RERA has established a regulatory framework that holds developers accountable for timely delivery and quality construction. This has instilled confidence among homebuyers and helped in expediting the resolution of the stuck projects.
Additionally, the formation of a dedicated authority, such as the Greater Noida Industrial Development Authority (GNIDA) and the Noida Authority, has further facilitated the resolution process. These authorities are actively engaging with developers and homebuyers to resolve any pending issues and ensure the completion of stuck projects.
The clearance for house registry is a crucial step towards providing legal ownership rights to homebuyers. This enables them to finally occupy and utilize their properties, bringing an end to years of uncertainty and anxiety.
The resolution of stuck projects and the clearance for house registry in Noida and Greater Noida not only benefits the homebuyers but also boosts the overall real estate sector in the region. It restores faith in the market and attracts more investors, thereby accelerating economic growth and development.
In conclusion, the recent developments concerning house registry and stuck projects in Noida and Greater Noida signify a positive shift in the real estate landscape. The proactive measures taken by the authorities, coupled with the implementation of RERA, have paved the way for a brighter future for homebuyers and the real estate sector as a whole.
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