NOIDA: Developers of stalled housing projects, who have opted for UP govt’s relief package, have until Dec 31 to register all flats. Greater Noida Authority officials said it may revoke the benefits extended under the rehabilitation package for stalled projects — waiver of interests and penal interests accrued during the two Covid years — if developers missed the deadline.
A total of 76 housing projects of the total 98 stalled projects, which opted for the UP govt scheme and have fully or partially paid 25% of their recalculated dues, cumulatively have 62,912 flats.
Of these, 38,661 flats have received completion certificates. Nearly 31,600 have been registered too, but around 7,000 flats across 34 projects are yet to be registered.
Projects with the most unregistered flats include Yamuna Buildtech’s Migson Vilasa in Eta-II (763 flats waiting to be registered), Devika Goldhome in Sector 1 (714), SDS Infratech’s project in Omega-II (396), Ajay Enterprise in Sector 2 (240), and Mahalaxmi Buildtech’s Migson Ultimo in Omicron-III (145).
To scale up the registry process, Greater Noida has also decided to penalise homebuyers if they fail to register flats that have been issued completion certificates after Jan 21, 2025. While flat buyers will be charged Rs 50 per day for properties under 100 sqm, fines will be steeper — Rs 100 per day — for larger units.
In July, the Authority temporarily waived penalties for buyers unable to execute registrations in cases where developers had failed to clear their dues, extending the relief initially granted in 2018.
After UP govt rolled out the rehabilitation policy for stalled projects, developers of 76 projects opted for the scheme and paid up 25% of recalculated dues. Despite this, many buyers hesitated to proceed with registrations due to accumulated penalties ranging from Rs 2 lakh to Rs 2.5 lakh since 2018. Following appeals from homebuyer associations, GNIDA waived penalties for six months in mid-2024, easing the financial burden on buyers.
In a review meeting chaired by GNIDA’s additional CEO, Saumya Srivastava, on Thursday, over 30 builder representatives were directed to prioritize pending registrations. Srivastava warned that builders failing to meet the December 31 deadline could face revocation of benefits under the Amitabh Kant Committee policy and have their allotments cancelled.
He also warned developers against overcharging homebuyers for no-objection certificates (NOCs). The officer added exemption from late fees on lease deeds will end on Jan 21, 2025.
Source Homevior.in
