Greater Noida IDA to Register 10,000 Flats if Builders Clear Dues

Noida: The Greater Noida Industrial Development Authority (GNIDA) has announced that it will register 10,000 flats in 20 housing projects if builders clear all their dues as promised. The rescheduling policy, introduced in January this year, allows builders to obtain a partial Occupancy Certificate after construction and pay 20% of their dues to GNIDA within a month to get the registries done for flats. Builders who have already received an Occupancy Certificate but could not get the registries due to their liabilities can also apply.

Most of the builders who have opted for the rescheduling policy are from Greater Noida West, and they owe the GNIDA Rs 820 crore as dues, which include original installments, additional compensation, and lease rent. Builders have already paid 10% of the total dues (Rs 81.1 crore) and have to pay the remaining amount within a month to remain eligible for the policy. According to the policy, they had to clear all their remaining dues in installments over the next two years. These 20 housing projects have 26,685 flats, and 60%-70% of them have already done their registries.

The GNIDA hopes to receive another Rs 80 crore in the second installment from the 20 builders who opted for the rescheduling policy. However, out of 197 housing projects under GNIDA, 107 housing projects owed Rs 5,650 crore to the authority, and it has only received Rs 400 crore in recent months from these builders.

K.K. Jain, General Secretary of FONRWA, has welcomed the move taken by the GNIDA and mentioned that it will be helpful for buyers who are waiting for registries. He added that the GNIDA should take strong action against those builders who haven't applied for this scheme. N.P. Singh, President of DDRWA, has also appreciated GNIDA's move and requested strict action against builders who haven't opted for the rescheduling policy.

The following is the list of the 20 housing projects whose builders have opted for the rescheduling policy:

●    Samridhi Realty Homes (Tech Zone 4)
●    Nirala Group (two projects in Sector 2, one each in Tech Zone 4 and 16)
●    Mahalaxmi Infrahome (Omicron 3)
●    Yamuna Builtech (Eta 2)
●    Habitech Infrastructure (Tech Zone 4), and more