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.

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.

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?