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The Noida Authority has recently published data on its website that reveals the extent of the city’s problem with the flat registry stalemate. This problem arises because homebuyers are unable to obtain deeds for their properties due to a disagreement between builders and the government regarding outstanding dues. The data shows that out of the 1.3 lakh flats that were approved in 115 projects in the city until 2016-17, only 56,790 (around 40%) have been registered. Moreover, of these 115 projects, 77% have defaulters who owe money to the government.
Out of the 115 projects approved in the city that was once famous for its real estate boom, only 24 have paid all their dues, while two have been cancelled. However, even among these 24 projects, only 15 have received completion certificates, which accounts for just 13% of all projects that were sanctioned. A completion certificate is only granted when all facilities are completed, and licensing conditions are met.
The data is unsurprising, given the frequent protests staged by residents on weekends regarding unfinished or unsatisfactory amenities. Between 2016-17 and 2021-22, no new housing units were authorized in Noida. Officials explained that some new initiatives were in the works, but no details were provided.
Around 46 residential projects that were authorized under the Sports City scheme in sectors 78, 79, 101, 150, and 152 have not been accounted for. However, registries cannot occur in these projects because the licensing conditions cannot be fulfilled until the sports amenities, which were intended to be the centre of a community of residential buildings, are constructed.
The Insolvency resolution process of certain projects has also been left out of the data as their agreement was made with the Yamuna Expressway Industrial Development Authority (YEIDA). Out of the 89 defaulting projects, 15 are currently under the National Company Law Tribunal, which is the bankruptcy court. Unitech, formerly owned by the Chandras but now managed by a government-appointed board, is the biggest defaulter. Amrapali comes in second, with its project completions being supervised by the Supreme Court. Four of these defaulting projects are affiliated with these two companies.
According to the information provided, Unitech’s outstanding dues total Rs 9,760 crore. Of this amount, Rs 6,594 crore are owed from projects in sectors 96, 97, and 98. Another Rs 1,754 crore is due from a project in Sector 117, which was authorized to construct 3,784 flats, and Rs 1,412 crore is owed from projects in sectors 113 and 144.
Amrapali has an outstanding debt of Rs 2,777 crore. The projects of Supertech, Logix, 3C, and Ajnara, which are currently in the National Company Law Tribunal, owe a total of Rs 4,732 crore. The Noida Authority has uploaded this information.
The Noida Authority has recently published all this information on its website to allow homebuyers to check the status of their invested projects. The CEO of the Noida Authority, Ritu Maheshwari, stated that the data would be updated regularly to assist homebuyers and promote transparency in group housing projects.
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