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Noida Authority fast tracks flat registries

By Rishabh Chamoli | 2022-12-03

In what is seen as a major relief to homebuyers, the Noida Authority has taken initiatives to fast track the process of flat registration. Several flat registries were on hold due to outstanding land payments from the builder. The Authority has issued notices to defaulters of land dues, amounting to Rs 9,000 crore.

After being on the back burner for a long time now, the registry of flats will now begin as the Noida Authority has decided to hold camps for the same. This is after several developers who were issued notices submitted plans to clear land dues. The Authority will also fast track the flat wise registries, based on dues clearance, as the developers had requested for the same. The Authority has directed officials to execute registries or sub lease deeds for a period of 90 years.

Whats the amount developers owe the Noida Authority?
The Noida Authority created a list of 75 developers who have defaulted on land payments. Out of these, 60 developers had been handed notices so far, and a lot of them have devised plans to clear the dues. Together, these developers owe the Authority Rs 9,000 crore.

Which initiatives will help builders to pay dues?
Recently, the Supreme Court cleared the decks for the Authority to recover their dues from builders along with an interest rate agreed upon while executing the lease deed, after which the Authority issued notices to the defaulter developers. On November 7, the apex court recalled its earlier order that fixed the rate at eight percent for delayed payments and instead ordered developers to pay dues in keeping with the interest rate of the Authority.

What will happen if the builder fails to clear dues?
Among 75 builders issued notices, there are several builders who are yet to submit the payment plans. The Authority is likely to issue recovery certificates to those builders. However, the projects will be auctioned if the builders fail to pay outstanding dues to the Authority after being issued the recovery certificates.

All information regarding the status of projects in Noida, including that of the dues, would be available on the Authority website. An officer of the housing department was asked to conduct an inspection of projects where construction work has not yet started even after a considerable period. Strict action would be taken against such builders.