Good News for Noida Homebuyers: Registries of 1000 stalled flats to begin soon


The wait has finally ended for the 1084 buyers as the registry of flats stalled for a long time has finally begun. Based on the recommendations of the Amitabh Kant Committee, seven real estate companies have to pay back their dues. The Noida Authority may receive around Rs 100 crore in recalculated dues.

The real estate companies have to clear 25% of their overall dues in 60 days. Furthermore, they have to pay the other 75% amount in installments that will be calculated on simple interest.

In a meeting with Noida Authority, the builders/developers of over 50 stalled projects were told about the recalculated amount. The authority had already extended them with a two-year-zero-period waiver from April 1, 2020 to March 31, 2022. Realtors were assured of 21% rebate.

The officials mentioned, that 5 builders IITL Nimbus (hyde Park, Sector 78), Divine India Infrastructure (Divine Maedows, Sector 108), Capital Infraprojects (The Golden Palm, Sector 168), Aims RG Angel (Eco City, Sector 75) and HR Oracle (Elite Homz, Sector 77) - have paid 25% of revised dues upfront. And other two developers Gulshan Homes (Ikebana, Sector 143) and Sunshine Infrawell (Helios, Sector 78) - have also accepted to pay the recalculated dues.

Till now, Divine India Infrastructure has deposited Rs 3.5 crore, Capital Infraprojects deposited Rs 1.65 crore, HR Oracle settled Rs 8.2 lakh at default, and Aims RG Angel has paid Rs 99 lakh.

Homebuyers rejoiced as the some of them had their bookings on hold for almost a decade. One of the resident of Divine Meadows, stated he booked his flat in 2009 and got its ownership in 2014 even though the society was partially finished. This decision has made him and other homebuyers confident about their possession of flats soon.

The registry of over 32,000 flats in 57 projects were stalled due to non-payment of about Rs 8,000 crore. Developers of approximately 30 projects have agreed to avail the rehabilitation package.

In addition to the Noida Authority, other authorities like Greater Noida Authority and Yamuna Authority is also planning to issue consent letters to the developers of defaulter projects.

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