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The Noida Authority has recently taken steps to expedite the registration of flats installed projects. Many Noida residents have been waiting for years to get ownership rights for their flats. This is because developers owe a combined total of nearly INR 44,700 crore (approximately USD 5.4 billion) to the Noida Authority and other development authorities in Gautam Budh Nagar. Specifically, developers owe the Noida Authority itself nearly INR 26,000 crore (approximately USD 3.1 billion) in outstanding dues. These delays have prevented developers from completing the registration process, leaving homebuyers in limbo.
To address this issue, the Noida Authority has taken a firm stance. They have directed developers who have deposited the initial 25% of their dues, totaling approximately INR 11,175 crore (approximately USD 1.3 billion) thus far, to complete the registration of flats within 15 days. This move aims to ensure that homebuyers who have already made payments can finally receive their ownership documents.
The initiative seems to be showing positive signs. The Authority has already approved registrations for over 1,400 flats across projects by 15 different developers. While only around 300 registrations have been completed so far, this represents a step forward and potentially faster processing times in the coming days.
The Noida Authority is also encouraging the remaining 27 developers, out of a total of 57 who owe land dues, to settle their dues and join the scheme. This would allow an additional significant portion of homebuyers to benefit from faster registration and finally own their properties. With continued efforts, this initiative has the potential to significantly reduce the backlog of pending registrations, potentially impacting over 1,100 flats across 15 projects.
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