Uttar Pradesh Government Announces Registry Camps in Noida Every Sunday
Noida, a city in Uttar Pradesh, is set to implement registry camps on Sundays to expedite the registration of flats in projects whose developers have agreed to clear their recalculated dues. This initiative is part of a rehabilitation package proposed by a panel headed by former Niti Aayog member Amitabh Kant.
Developers Clearing Recalculated Dues Eligible for the Camps
Currently, around 40 projects in Noida and Greater Noida have accepted the government’s deal, where developers will be offered a two-year zero-period waiver on interests and fines incurred during the Covid-19 pandemic. However, these developers are required to pay 25% of their recalculated dues upfront to avail of this benefit. Sunday Camps Offer Convenience for Registry Execution
Officials have announced that those unable to attend the Sunday camps can still execute their registries at the office of the stamps and registry department on any other day of the week. This flexibility ensures that developers can complete the registration process without causing any delays for themselves or the authority.
A Positive Boost for Revenue Collection
The establishment of these registry camps is set to provide a significant boost to the stamps and registry department, which aims to reach a revenue target of Rs 4,728 crore from Noida alone for this fiscal year. As of December last year, the department had collected Rs 2,662 crore, which is more than half of the target. Throughout the previous financial year, a total of 10,659 flats were registered, and by implementing the Sunday camps, it is expected that this number will increase significantly. – Total registration collection target from Noida for Fiscal Year: Rs 4,728 crore – Revenue collected as of December last year: Rs 2,662 crore – Number of flats registered in the previous financial year: 10,659
Concerns on Builder Response
The Noida Authority has shown concerns over the lukewarm response from builders, with only 13 out of the 57 realtors in the package pool having provided consent letters to the authority so far. Builders are urged to provide information about their decision on the package by February 22, as the authority cannot wait indefinitely for a response. After this date, it will be assumed that builders who have not given their consent do not agree with the conditions and will be required to pay the entire accumulated dues. Notable builders with outstanding dues are as follows: – Aims Max Gardenia: Rs 1,600 crore – Omaxe: Rs 490 crore – Pan Realtors: Rs 380 crore The successful implementation of the registry camps in Noida will not only streamline the registration process for developers but also contribute significantly to revenue collection in the region. It is hoped that more developers will come forward and take advantage of the government package, ensuring transparency and smoother operations in the real estate sector.
