Homebuyers in Noida and Greater Noida, the Greater Noida Industrial Development Authority (GNIDA) convened a crucial meeting on May 8, 2024, with real estate developers affiliated with the prestigious Confederation of Real Estate Developers’ Associations of India (CREDAI).
The focus of the meeting was to expedite the registration process for flats across numerous projects in the region, plagued by delays and pending registries. Under the firm directives of GNIDA CEO N G Ravi Kumar, builders were urged to promptly settle outstanding dues and initiate the registration of flats in buyers’ names without any further delay. Those developers who had not remitted 25% of the total outstanding amount on their projects were given a strict deadline of one week to settle their dues, failing which punitive actions would be taken against them.
Present at the meeting were several eminent officials from CREDAI, including Manoj Gaur, Geetamber Anand, and Dinesh Gupta, signifying the gravity of the situation. Currently, a staggering 96 projects in Greater Noida await registries, with only 15 projects having cleared their dues, thereby initiating the registration process for 2,322 flats. An additional 40 projects have submitted 25% of their total outstanding amount, amounting to approximately Rs 276 crore, with registrations already underway for 315 flats. The GNIDA has emphasised that the registration process for the remaining 41 projects will only commence upon the deposition of 25% of the outstanding amount. This concerted effort by the Uttar Pradesh government, along with the national-level proposals chaired by Amitabh Kant, seeks to alleviate distress among homebuyers, builders, and local authorities, promising a positive shift in the real estate landscape.
