The Greater Noida Industrial Development Authority (GNIDA) has intensified its efforts to recover outstanding dues from developers and ensure the prompt execution of flat registrations.
The GNIDA’s stern stance comes in response to the staggering amount of approximately Rs 44,700 crore owed by developers to the authorities in Gautam Budh Nagar, with a significant portion, around Rs 14,000 crore, attributed to the Greater Noida Authority alone. With a portfolio of 96 projects in Greater Noida awaiting flat registrations, the GNIDA’s directive targets developers who have already submitted the initial 25 percent of their dues. Under the Uttar Pradesh government’s rehabilitation package scheme, developers of 40 projects have complied, with Rs 276 crore successfully realised by the Authority. However, despite progress, challenges persist as there remain 40 projects where developers have only partially met their financial obligations, leaving a substantial outstanding amount of approximately Rs 1,200 crore. GNIDA officials have issued a clear ultimatum, urging these developers to expedite the registration process to avoid potential repercussions.
Notably, the GNIDA has successfully executed registries for 2,637 flats across various projects in Greater Noida, signalling a proactive approach to addressing the issue of pending registrations. As the deadline looms, developers are under increased pressure to adhere to timelines and fulfil their contractual obligations, failing which they risk facing stringent actions from the authorities.
