Greater Noida Authority Approves 5,000 Apartments, Encouraging the Real Estate Industry

By Bricksnwall | 2023-12-07

The Greater Noida Industrial Development Authority (GNIDA) has issued occupancy certificates (OCs) to more than 20 housing complexes in the last four months, which is a noteworthy achievement. With the settlement of developer dues amounting to Rs 100 crore, this action has made it easier for almost 5,000 purchasers to start the registration procedure. The state government has received Rs 150 crore in revenue from these transactions' stamp duty payments.

Land Cost Dues and No Dues?Requirement for Certificate

As per the established guidelines, a housing project can only receive an occupancy certificate from GNIDA once the promoter has fulfilled all the necessary criteria, such as fire clearance and lift safety, and has settled the land cost dues. Additionally, a no dues certificate must be obtained. According to GNIDA statistics, approximately 100 home developments in Greater Noida still owe land cost, totaling close to Rs 14,000 crore.

The Rehabilitation Package for Stalled Projects by the Government

According to media sources, the government is getting ready to reveal a rehabilitation plan for developers of Greater Noida projects that have reached a standstill, based on advice from an expert group constituted by the government. The panel suggests that developer dues be released from the flat registry if the project is included in the remodeling package.

Benefits for the Real Estate Industry

Experts in the field predict that acquiring OCs for 5,000 flats will have a favorable effect on the real estate market by spurring expansion. Real estate values have increased as a result of the Noida International Airport project, allowing developers to pay off land cost obligations and obtain occupancy certifications to complete projects on schedule.

With this recent action, GNIDA hopes to create a more advantageous climate for developers and homebuyers by streamlining regulatory procedures and guaranteeing the prompt completion of real estate projects.