Noida and Greater Noida developers oppose new registration mandate

12 Nov 2024 CW Team

Manoj Gaur, chairman of the Confederation of Real Estate Developers' Associations of India (CREDAI), criticised the mandate, stating that it unfairly pressures buyers who already struggle to meet the upfront costs of booking. Gaur also highlighted that in other states, sale agreements are made on nominally priced stamp papers, unlike the 1% non-refundable registration fee imposed here, which he says represents a direct loss for buyers.

The developers further expressed concerns over the lack of a clear refund policy in case of booking cancellations, as approximately 15-20% of residential bookings typically face cancellations due to unforeseen circumstances. Gaur, who also chairs Gaurs Group, noted that this mandate could negatively impact the entire real estate sector in Uttar Pradesh, including Noida, Greater Noida, and the Yamuna Expressway, where the industry has significantly contributed to the state’s economy.

The National Real Estate Development Council (NAREDCO) also voiced concerns, with its president, R.K. Arora, pointing out that the decision was made without consulting developers or homebuyers. According to Arora, the mandate risks worsening liquidity issues for ongoing projects and could discourage new buyers from entering the market. NAREDCO has appealed to the authorities to reconsider the mandate to avoid further financial strain on both buyers and the sector as a whole.

Previously, buyers and developers would enter into an unregistered sale agreement on a Rs 100 stamp paper, with formal registration and a 5-7% stamp duty paid upon project completion. The new mandate requires a 1% registration charge on the property value at the agreement stage, adding another layer of cost that Sanjay Sharma, director at SKA Group, argues will disproportionately affect middle-income homebuyers in the region.

Real estate developers in Noida and Greater Noida are pushing back against a recent local mandate requiring the registration of builder-buyer agreements after buyers pay 10% of the property price. This mandate obliges buyers to pay a 6% stamp duty upon making this initial payment, which developers argue will impose an added financial burden on homebuyers. Manoj Gaur, chairman of the Confederation of Real Estate Developers' Associations of India (CREDAI), criticised the mandate, stating that it unfairly pressures buyers who already struggle to meet the upfront costs of booking. Gaur also highlighted that in other states, sale agreements are made on nominally priced stamp papers, unlike the 1% non-refundable registration fee imposed here, which he says represents a direct loss for buyers. The developers further expressed concerns over the lack of a clear refund policy in case of booking cancellations, as approximately 15-20% of residential bookings typically face cancellations due to unforeseen circumstances. Gaur, who also chairs Gaurs Group, noted that this mandate could negatively impact the entire real estate sector in Uttar Pradesh, including Noida, Greater Noida, and the Yamuna Expressway, where the industry has significantly contributed to the state’s economy. The National Real Estate Development Council (NAREDCO) also voiced concerns, with its president, R.K. Arora, pointing out that the decision was made without consulting developers or homebuyers. According to Arora, the mandate risks worsening liquidity issues for ongoing projects and could discourage new buyers from entering the market. NAREDCO has appealed to the authorities to reconsider the mandate to avoid further financial strain on both buyers and the sector as a whole. Previously, buyers and developers would enter into an unregistered sale agreement on a Rs 100 stamp paper, with formal registration and a 5-7% stamp duty paid upon project completion. The new mandate requires a 1% registration charge on the property value at the agreement stage, adding another layer of cost that Sanjay Sharma, director at SKA Group, argues will disproportionately affect middle-income homebuyers in the region.

Resources

04 Jun 2026

ULCCS Showcases Cooperative Model at UN Symposium

Uralungal Labour Contract Co-operative Society (ULCCS) showcased its community-led development model at the United Nations Headquarters in New York, where it participated as a panellist at the International Symposium on Cooperative Financial Institutions held on 28–29 May 2026.Jointly organised by the United Nations Department of Economic and Social Affairs (UN DESA), the International Cooperative Banking Association (ICBA), and the International Cooperative Alliance (ICA), the symposium was held under the theme ‘Fuelling Inclusive and Equitable Growth’ and brought together policymakers,..

Infrastructure Transport

04 Jun 2026

Delhi Airport to Finalise 20-Year Master Plan

Delhi International Airport Ltd (DIAL) is finalising a 20-year master plan to guide long term infrastructure and operational development at Indira Gandhi International Airport, an official said. The operator expects the plan to reflect changes in the airline industry, shifts in the competitive landscape and evolving infrastructure requirements across terminals, airside and support services. The official said the document is likely to be ready in the next two to two-and-a-half months as the operator moves through planning stages. The plan will be prepared after consultations with airport users ..

Real Estate

04 Jun 2026

Aadhar Housing Finance Targets Rs 500 bn AUM By FY29

Aadhar Housing Finance has set a target to raise its asset under management to Rs 500 billion (bn) by the end of FY29, aiming to achieve this over the next three financial years through an 18-20 per cent loan growth trajectory. The firm focuses on the low-income segment with a ticket size of less than Rs 1.5 million (mn) and has relied on that segment to drive expansion. The company closed FY26 with an AUM of Rs 305.71 bn, reflecting the expansion in recent years, and it reported a net profit rise of 22 per cent to Rs 11.08 bn. Management indicated that gross non-performing assets stood at 1.0..