The Noida Authority confronts hurdles as only 14 out of 57 project developers sign up for the government's rehab package. Slow progress in submitting dues has an impact on flat registrations, despite efforts to speed up the procedure.
Noida: Without being affected by the Noida Authority, developers of only 14 of 57 projects in the city have signed up for the UP government's rehabilitation packages in the past three months.
When the package, based on recommendations from a panel led by former bureaucrat Amitabh Kant, was released in December, the Authority had identified 57 projects that were past due. These projects had a total of 32,453 units, the majority of which were given over to buyers but not registered.
Of these 57, the builders of 35 projects, totaling 13,639 units, agreed to the government arrangement. However, just 14 project developers have submitted 25% of their recalculated dues to the Authority, which is the first step towards obtaining zero-period waivers on penal interest accumulated during the two years of the pandemic.
With the payment of the advance, about 4000 units can now be registered. However, the authority has only been able to register 500 thus far. This has enabled the authority to increase its revenue by Rs 112 crore.
Lokesh M, the Authority CEO, stated that the builders of the remaining 22 projects who had agreed to the rehab package were considering putting the 25% advance in the new fiscal year. He stated that a large number of registers are likely to be implemented in April.
"We are in constant touch with these builders. We are trying to convince them to deposit 25% of the revised dues as soon as possible," the CEO said.
The stamp department has been conducting camps at several housing societies to speed up the registration procedure. On March 1, a camp was held at Express Zenith Society, Sector 77. 55 registers were sealed that day.
Similar camps were held at the Indira Gandhi Kala Kendra in Sector 6. A total of 500 units have been registered in various camps thus far.
Residents of some condominiums have expressed worry about the rate of registrations. Residents in numerous societies have posted banners and posters stating that they will not vote in the Lok Sabha elections if their flats are not registered before then.
On December 21, last year, the state government announced a rehabilitation plan for halted projects. The Noida Authority then listed 57 such projects and convened their developers for a meeting. The builders of 47 projects attended the conference, and 35 approved the deal.
In Greater Noida, 1,365 units have been registered across 16 complexes thus far. The builders of these projects have placed the advance amount of ₹73 crores in total.
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