(Commonwealth) _ A committee led by Mr. Amitabh Kant has recommended that developers and the Greater Noida Industrial Development Authority (GNIDA) promptly resolve outstanding issues to ease the distress faced by homebuyers in the region. GNIDA expressed concerns on Wednesday regarding delays in developers settling due payments, which is hindering the registration process for flats in Greater Noida. These delays impact homebuyers, causing uncertainty and frustration, and potentially stall the progress of the real estate market. Prompt resolution of these financial issues is crucial to ensuring smooth property registrations and stability for all stakeholders involved.
GNIDA’s Stance and Directives
GNIDA has instructed developers behind 96 projects in the region to clear their remaining dues. Delays in payment have led to a backlog in registering flats, causing inconvenience for homebuyers and complicating matters for local authorities. GNIDA CEO NG Ravi Kumar has directed developers to register properties in the names of flat buyers immediately. Builders who fail to deposit dues and initiate registration within one week will face strict action from the authority.
GNIDA’s emphasis on speeding up pending registrations aligns with recommendations from the Amitabh Kant-led committee, appointed by the central government to address homebuyers’ concerns. This effort aims to establish a more seamless transition for buyers, developers, and authorities alike.
Collaborative Efforts and Progress
At a recent meeting held on Wednesday, GNIDA officials and members from the Confederation of Real Estate Developers Association of India (CREDAI), including Dinesh Gupta and Manoj Gaur, gathered to discuss these challenges and strategies for resolution. Their focus was on streamlining the registration process and clearing outstanding dues from developers to expedite homebuyers’ access to their new properties.
GNIDA’s latest report indicates progress in several projects. Out of the 96 projects under review, 15 have cleared their dues, enabling the registration process to proceed for these developments. As a result, 2,322 flats have been registered so far across these 15 projects.
Moreover, 40 projects have deposited 25% of their total outstanding amount—approximately Rs 276 crores to GNIDA. This progress has enabled registration to commence in these developments, with 315 flats registered to date. Once the remaining 75% of the outstanding amount is deposited, further registration progress is expected across these projects.
Remaining Challenges and Outlook
Despite the progress, GNIDA highlights that around Rs 1,200 crores in dues remain outstanding from these 40 projects. Once developers fulfill their payment obligations, the registration process can accelerate. GNIDA has made clear that registration will commence as soon as developers make the necessary payments, indicating the potential for substantial improvements in the region’s real estate market.
GNIDA’s emphasis on strict action against developers who fail to comply with the stipulated timeline underscores the authority’s commitment to resolving these challenges and prioritizing the interests of homebuyers. The directive serves as a reminder for developers to meet their obligations and avoid potential penalties.
The situation in Greater Noida is a complex one, involving multiple stakeholders, including homebuyers, developers, and local authorities. GNIDA, guided by recommendations from the Amitabh Kant-led committee, aims to navigate these challenges by streamlining processes and holding developers accountable for their financial responsibilities.
As developers clear outstanding dues and expedite the registration process, the situation is expected to improve significantly for homebuyers awaiting their new homes. GNIDA’s dedication to addressing these challenges is key to stabilizing the region’s real estate market and ensuring a smooth and fair transition for all parties involved. Through collaborative efforts and adherence to the guidelines set by the central government, there is hope for a resolution that benefits both homebuyers and developers in the Greater Noida region.
