representative image Noida:’s developers stalled housing projectsthose who have opted UP government’s relief packageThere is time till 31st December to get all the flats registered. Greater Noida Authority Officials said if developers miss the deadline it could lead to cancellation of benefits given under the rehabilitation package for stalled projects – interest earned during the two Covid years and waiver of penal interest.
A total of 76 housing projects, out of the total 98 stalled projects, which have opted for the UP government scheme and have paid 25% of their recalculation dues in full or in part, totaling 62,912 flats.
Of these, 38,661 flats have received completion certificates. Registration of about 31,600 flats has also been done, but about 7,000 flats in 34 projects are yet to be registered.
Projects with the highest number of unregistered flats include Yamuna Buildtech’s Migson Vilasaa in Etah-II (763 flats awaiting registration), Devika Goldhome in Sector 1 (714), SDS Infratech’s project in Omega-II (396), Ajay in Sector 2 Mahalakshmi Buildtech’s Migson Ultimo in the Enterprise (240), and the Omicron-III (145).
To expedite the registry process, Greater Noida has also decided to penalize home buyers if they fail to register flats issued completion certificates after January 21, 2025. While flat buyers will be charged a fine of Rs 50 per day for properties less than 100 square metres. For larger units the rate will be higher – Rs 100 per day.
In July, the authority temporarily waived penalties for buyers unable to execute registration in cases where developers had failed to clear their dues, extending the relief given initially in 2018.
After the UP government implemented the rehabilitation policy for stalled projects, developers of 76 projects opted for the scheme and paid 25% of the recalculated outstanding amount. Despite this, many buyers are hesitant to proceed with registration due to the accumulated fine ranging from Rs 2 lakh to Rs 2.5 lakh since 2018. Following appeals from home buyers associations, GNIDA waived the penalty for six months in mid-2024, reducing the financial burden on buyers.
At a review meeting chaired by GNIDA Additional CEO Soumya Srivastava on Thursday, over 30 builder representatives were directed to give priority to the pending registrations. Srivastava warned that builders failing to meet the December 31 deadline could face cancellation of benefits and their allotments under the Amitabh Kant Committee policy.
He also warned developers against charging higher prices from home buyers for No Objection Certificate (NOC). The official said the exemption from late fees on lease deeds will end on January 21, 2025.
