Legacy projects that are stalled: 1,366 Greater Noida home registers were completed in March

Noida, Following years of delay and in accordance with the recommendations of an expert panel headed by Amitabh Kant, 1,366 flat buyers across 16 legacy stalled projects in Greater Noida completed their registers in March to obtain ownership rights of their properties, officials said on Sunday.

According to the Greater Noida Industrial Development Authority, the builders of 28 more projects have received letters requesting them to pay outstanding fees so that registrations for an additional 4,500 apartments can be completed shortly.
Apartment Times: the quickest place to find breaking news! Now read.
According to a statement, the registration of 15,000 units in 94 Greater Noida projects has been made possible overall by the implementation of the Amitabh Kant committee’s recommendations on legacy stuck projects.

Approximately 1,366 apartments in 16 complexes have been registered thus far. It is anticipated that the other 78 builder projects will soon begin the registration procedure. There was a considerable wait for the flat register for these projects. The GNIDA stated that its buyers were quite irate.

It added that thousands of apartment buyers in 94 builder projects in Greater Noida had received relief from the Yogi Adityanath government.

“The registration of apartments in 94 developments is now possible thanks to the implementation of the Amitabh Kant Committee’s recommendations. The state government granted the builders the benefit of zero period for the COVID-19 period from April 1, 2020, to March 31, 2022, while keeping in mind the interests of apartment buyers, the statement stated.

The authorities stated that a chance to finish the unfinished project was given by accepting the co-developer’s policy.

It was determined to investigate offering the advantage of zero period from August 14, 2013, to August 19, 2015, within a radius of 10 kilometres of Okhla Bird Sanctuary, in compliance with the directives of the NGT.

Furthermore, it stated that guidance was given to promptly provide design approval, mortgage permission, and registry permission following the builder’s deposit of 25% of the outstanding balance.

“A number of significant decisions were made, such as granting builders a three-year maximum free period to finish their projects and retaining the lease papers for projects in which prospective flat buyers are interested for a further three years. The GNIDA stated that the registration of apartments has now begun as a result of these decisions.

Currently, builders have deposited 25% of the total dues for 16 projects into the authority’s account, which has resulted in the collection of an outstanding sum of around ₹73 crore. The registry of these projects’ apartments has also begun,” it continued.

Approximately 1,366 flats have been registered thus far. According to the GNIDA, the builders have promised to deposit 25% of the remaining 78 projects’ total by April. This will result in the payment of about ₹715 crore.

It is anticipated that 15,000 apartments will be registered in each of these 94 complexes. In addition, the Greater Noida Authority stated that in order to expedite the registration of flat buyers’ names, it is working to swiftly settle project-related legal problems in order to avoid additional compensation.

According to the GNIDA builder department, among the 1,366 flats that were registered in the past month were projects by Gaursons Hitech, Jindal, Ace City, AIIMS Golf Town, Gaur Sons Promoters, and Valencia Homes.


Related Articles