Registration soon for 6500 Greater Noida Flats
Real Estate

Registration soon for 6500 Greater Noida Flats

Approximately 6,500 flats spread across 30 projects in Greater Noida are expected to undergo registration in the coming weeks as the developers have agreed to the rehabilitation package offered by the Uttar Pradesh government.

In contrast to Noida, where only 15 out of 57 real estate developers have embraced the package aimed at expediting stalled projects across the state, particularly in Noida and Ghaziabad. This acceptance will facilitate the registration of only 1,600 flats out of a total of 32,000 among these 57 developers.

The Greater Noida Authority anticipates generating revenue of over Rs 14 billion from these projects over the next two years. The real estate developers who have agreed to the government's deal include Nirala, Rudra Buildwell, Antriksh, Panchsheel, and Himalaya. Their projects are primarily concentrated in Greater Noida West.

Greater Noida has a total of 96 projects, where the registries of 70,000 flats are pending. Together, these projects owe the Authority approximately Rs 55 billion. Additionally, there are 30 projects whose cases are under consideration in various courts, including Supertech, Amrapali, Unitech, and Mahagun, but they are not eligible for the package.

Saumya Srivastava, an Officer on Special Duty (OSD) at the Authority, mentioned that the process of obtaining consent from 32 more builders would be completed within a week.

?We have assigned three managers with the responsibility of reaching out to the developers and resolving their queries. The developers who have already given their consent are being asked to provide us with a date by which they will deposit the initial amount of their recalculated dues. A database with all the details is being created. We are also seeking details of under-construction flats that are likely to be completed in three years.?

Builders who accept the government's package will qualify for a 'zero period' waiver of penalties and interests charged during the two years of the Covid pandemic. After this waiver, the dues of each builder will decrease by around 20%, but they are required to deposit 25% of their recalculated dues upfront.

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Approximately 6,500 flats spread across 30 projects in Greater Noida are expected to undergo registration in the coming weeks as the developers have agreed to the rehabilitation package offered by the Uttar Pradesh government. In contrast to Noida, where only 15 out of 57 real estate developers have embraced the package aimed at expediting stalled projects across the state, particularly in Noida and Ghaziabad. This acceptance will facilitate the registration of only 1,600 flats out of a total of 32,000 among these 57 developers. The Greater Noida Authority anticipates generating revenue of over Rs 14 billion from these projects over the next two years. The real estate developers who have agreed to the government's deal include Nirala, Rudra Buildwell, Antriksh, Panchsheel, and Himalaya. Their projects are primarily concentrated in Greater Noida West. Greater Noida has a total of 96 projects, where the registries of 70,000 flats are pending. Together, these projects owe the Authority approximately Rs 55 billion. Additionally, there are 30 projects whose cases are under consideration in various courts, including Supertech, Amrapali, Unitech, and Mahagun, but they are not eligible for the package. Saumya Srivastava, an Officer on Special Duty (OSD) at the Authority, mentioned that the process of obtaining consent from 32 more builders would be completed within a week. ?We have assigned three managers with the responsibility of reaching out to the developers and resolving their queries. The developers who have already given their consent are being asked to provide us with a date by which they will deposit the initial amount of their recalculated dues. A database with all the details is being created. We are also seeking details of under-construction flats that are likely to be completed in three years.? Builders who accept the government's package will qualify for a 'zero period' waiver of penalties and interests charged during the two years of the Covid pandemic. After this waiver, the dues of each builder will decrease by around 20%, but they are required to deposit 25% of their recalculated dues upfront.

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