6,500 flats in Greater Noida to be registered soon
Around 6,500 flats across 30 projects in Greater Noida are expected to be registered over the next few weeks after developers have accepted the rehabilitation package offered by the Uttar Pradesh government. This response is in contrast to Noida, where only 15 out of 57 realtors have accepted the package. The package aims to expedite stalled projects in the state, with a majority of them located in Noida and Ghaziabad. In contrast, only 1,600 flats will be registered out of a total of 32,000 in Noida. The Greater Noida Authority anticipates earning a revenue of over Rs 1,400 crore from these projects over the next two years. The developers who have accepted the package include Nirala, Rudra Buildwell, Antriksh, Panchsheel, and Himalaya. Their projects are mainly concentrated in Greater Noida West.
Greater Noida still has 96 projects pending registration
Greater Noida currently has a total of 96 projects that are awaiting registration of around 70,000 flats. The developers owe the Authority a sum of Rs 5,500 crore. Additionally, there are 30 projects whose cases are currently being heard in various courts, such as Supertech, Amrapali, Unitech, and Mahagun, and they are not eligible for the rehabilitation package. The process of obtaining consent from 32 more builders to accept the package is expected to be completed within a week. The Greater Noida Authority has assigned three managers to reach out to developers and address their queries. Developers who have already given their consent are being asked to provide a date by when they will deposit the initial amount of their recalculated dues. A comprehensive database with all the necessary details is being created, and information on under-construction flats that are likely to be completed within three years is also being sought.
Developers in Greater Noida benefit from “zero period” waiver
Builders who accept the government’s package will be eligible for a ‘zero period’ waiver of penalties and interest charged during the two years of the Covid pandemic. As a result of this waiver, each developer’s dues will be reduced by approximately 20%. However, they are required to deposit 25% of their recalculated dues upfront. The developers of the remaining 34 projects will be informed about their recalculated dues.
Positive response in Greater Noida attributed to market potential and relief measures
The favorable response in Greater Noida can be attributed to the fact that most of the projects have flats in various stages of construction, and developers aim to clear all hurdles and sell these units at a time when the real estate market in the region is experiencing a drastic rise in prices. Developers are showing interest in clearing the dues as the real estate market in Greater Noida has immense potential. Furthermore, most builders owe relatively small amounts to the Authority and have received substantial relief under the two-year zeo period waiver. This encouraging response in Greater Noida is expected to end the registry deadlock for around 30,000 flats over the next three to four months, with another 30,000 flats becoming ready in six months. In conclusion, the acceptance of the rehabilitation package by developers in Greater Noida is set to bring relief to the real estate sector while also boosting revenue for the Greater Noida Authority. The market potential and the two-year zero-period waiver have played vital roles in garnering a positive response from developers. This move will not only benefit developers but also home buyers who have been waiting for the registration of their flats.
