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The Uttar Pradesh State Government is taking proactive measures to facilitate the registration of flats in projects where developers have agreed to settle recalculated dues under a rehabilitation package. This move was initiated based on the recommendations of a committee chaired by former Niti Aayog member Amitabh Kant. In a bid to expedite the registration process, the government plans to establish special camps on Sundays, providing residents with an opportunity to swiftly complete the necessary formalities.
Approximately 40 projects in Noida and Greater Noida have seen developers embracing the government's rehabilitation deal, which includes a two-year waiver on interest and fines accrued during the Covid pandemic, contingent upon the upfront payment of 25% of recalculated dues.
Officials have expressed optimism that the initiative will significantly strengthen the stamp and registry department, which has been tasked with achieving a revenue target of INR 4,728 crore from Noida alone for the current fiscal year. As of December last year, the department had already collected INR 2,662 crore, surpassing 50% of the annual target. During the previous financial year, it successfully registered 10,659 flats, slightly below the figure of 11,447.
Despite the hopeful trend, questions remain about builders' dull response to the government's package a month and a half after its launch. Only 13 of the 57 realtors shortlisted for the package have filed consent letters to the Noida Authority. Some prominent developers, including Aims Max Gardenia (INR 1,600 crore), Omaxe (INR 490 crore), and Pan Realtors (INR 380 crore), have not attended meetings or requested rescheduling.
In response to the dull engagement, the Noida Authority has given realtors till February 22 to express their views on the package. After this date, developers who have not stated their agreement with the terms would be deemed to have rejected the rehabilitation agreement, mandating payment of their entire outstanding balance. The proactive steps, such as the development of special registration camps, aim to speed up the process, attract more developers, and improve tax collection, all of which are consistent with the overall goals of the rehabilitation package's implementation.
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