5,000 Registries in 4 Months Boost Development in Greater Noida

Greater Noida's potential: 5,000 registries in 4 months, Rs. 100 crore boost. Homebuyer relief and city progress are underway.

The Greater Noida Industrial Development Authority (GNIDA) achieved a milestone by completing nearly 5,000 registries over the past four months. This success was realised as developers from 20 housing projects fulfilled their financial obligations and secured occupation certificates from the Authority.

GNIDA's CEO, Ravi Kumar NG, reported that these registries contributed a substantial revenue of Rs. 100 crore, with stamp duty payments amounting to Rs. 150 crore for the state government.

To streamline the process, GNIDA adopted a flat-wise registration system, granting ownership rights to homebuyers once developers settled their dues. The Authority conducted proactive camps at its office to address homebuyer concerns, ensuring a smooth and personalised registration process for each project.

Previously, GNIDA published a list of developers who cleared their dues and instructed them to execute tripartite lease deeds with homebuyers and the Authority. GNIDA officials anticipate the state government's announcement of a rehabilitation package for developers of stalled projects, guided by recommendations from the central government-appointed Amitabh Kant expert panel.

The panel's suggestions, including separating developer dues from flat registry issues within the rehabilitation package, are expected to ease homebuyer concerns significantly. While awaiting implementation, GNIDA remains committed to resolving builder-buyer issues in line with existing policies.

In Greater Noida, where 191 new housing projects are underway, 62 have settled their dues, 36 are entangled in legal proceedings, and 93 are facing financial challenges. Among these 2.6 lakh units, 1.2 lakh units have already received completion certificates. GNIDA has successfully completed registries for over one lakh flats, with plans to extend similar camps for institutional, industrial, and commercial allottees.