Realtors in Noida are urged to complete the registry for buyers by December 31

By Bricksnwall | 2024-12-07

The Greater Noida Authority would not grant the realtors the necessary exemptions from interest on outstanding debts if they do not comply. 

Realtors have been urged by the Greater Noida authorities to make sure that, by December 31, any outstanding unit registries in their individual projects are completed in the buyers' favour. Otherwise, be prepared to deal with the fallout.

Officials claim that if realtors do not comply, the authority will not provide them the necessary waivers on interest imposed on financial commitments in housing projects.

For builders, this is their last opportunity. Realtors will not be granted any more time after this notice if they do not register apartments by December 31. In accordance with the Amitabh Kant Committee's recommendations, the authority would act and remove the interest relief given to housing projects," stated Saumya Srivastava, Greater Noida's assistant chief executive officer (ACEO).

We have instructed the authority's building department to either rescind the allocation of erratic builders or provide registry to flat buyers more priority. 76 of the 98 projects in Greater Noida are covered by the policy that was created based on the Amitabh Kant committee's recommendations, according to the ACEO.

NG The Greater Noida authority's CEO, Ravi Kumar, has also ordered stern action against builders who keep delaying the registration of apartments.

In the boardroom of the authority's main office in Sector Knowledge Park-5, ACEO Srivastava met with the builders on Thursday.

Along with other officials, Srivastava attended a presentation about each housing project with unresolved registries.

A quarter of the entire amount (both full and partial) for these projects has been deposited by the builders.

38,661 of the 62,912 flats in these complexes have been certified as completed. To date, about 31,600 flats have been registered.

There is still no registry of about 7,000 flats in 34 constructor projects.

The authority is striving to register these units, which have not yet been registered despite the UP government's waivers, in an attempt to allay homeowners' worries. 

The goal is to have the flats registered in the buyers' names before the January 21, 2025, deadline for the late fee exemption expires. The buyers won't have to pay the late penalties as a result.

Additionally, the builders who are charging purchasers more under the guise of a no objection certificate (NOC) were chastised by the ACEO. If purchasers were charged more than the recommended fee for NOC, he threatened to take action.

Over thirty builder representatives attended this meeting, along with Sneh Lata, the manager of the builder department.

However, these realtors were not available to comment on the matter.

These realtors ought to step up and ensure that the homebuyers receive aid and complete the registry. In these projects, we will attempt to break the impasse and assist the homebuyers in completing the registry. According to Dinesh Gupta, secretary of the Confederation of Real Estate Developers Association of India (CREDAI), a builders' association, "the majority of realtors are enthusiastically utilising the state government policy and executing registry in favour of the homebuyers."

The promoters of these housing developments must be pursued by the authority for the registry, according to homebuyers.

Abhishek Kumar, president of the Noida Extension flat owners welfare group, stated, "We hope that these five developers will come forward to execute the registry and complete all formalities required for registry with an aim to address the issues of the buyers after the authority's warning."

Source: Hindustan Times