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Greater Noida's housing sector is experiencing a significant lag in the registration process, with about 4,000 apartments in 20 group housing projects remaining unregistered in the names of their respective buyers, as per the Greater Noida Industrial Development Authority (GNIDA) records. Despite developers fulfilling their financial obligations to the Authority and gaining approval for registrations, this dilemma continues to persist.
The GNIDA has been proactive in this scenario, cautioning developers of possible sanctions under the UP-Rera Act and releasing a public notice that delineates the apartment registry prerequisites for the concerned projects. Officials say the Authority has put considerable measures in place to expedite the registration process for buyers. However, despite the provisions for executing registrations in the buyers' names, several builders display continued negligence.
According to the GNIDA's data, there are two projects where over 500 apartments are awaiting registration. Furthermore, there are four projects with pending registrations ranging between 300 and 500, and an additional five projects with figures standing between 100 and 300. Majority of these residential societies are located in Greater Noida West.
Officials have cited several contributing factors for the lack of registrations. These range from developers' delays to homeowners not initiating the process due to disagreements over payments with developers. Another potential reason could be unsold apartments, where registrations have not yet been requested.
The process of apartment registration necessitates the active participation of the developer. Their representatives are required to complete paperwork at the sub-registrar's office, following which, upon receiving the necessary approvals, they liaise with homebuyers to finalize the registration process.
In conclusion, the GNIDA is making concerted efforts to rectify the delayed registration of thousands of apartments in Greater Noida. However, the issue appears to be multi-faceted, involving factors such as payment disputes and unsold inventory. It is clear that developers, buyers, and the Authority must work collaboratively to streamline the registration process and overcome this obstacle to ensure transparency and legal protection for all parties involved.
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