On May 8, 2024: the Greater Noida Industrial Development Authority (GNIDA) held a meeting with real estate developers associated with CREDAI to address the pressing issue of pending dues and delayed flat registrations across numerous projects in the region. The prolonged concern over pending registries and delayed possession of flats in Noida and Greater Noida has prompted concerted efforts by the Uttar Pradesh government to resolve homebuyers’ grievances. At the national level, a panel chaired by Amitabh Kant has also proposed measures to mitigate distress among homebuyers, builders, and local authorities.
During the meeting, GNIDA CEO N G Ravi Kumar instructed builders to expedite flat registrations in buyers' names without delay. Builders who have outstanding amounts of 25% or more on their projects were directed to settle these dues within a week and initiate flat registrations for buyers. Failure to comply would result in punitive action against them. Several officials from the Confederation of Real Estate Developers’ Associations of India (CREDAI), including Manoj Gaur, Geetamber Anand, and Dinesh Gupta, attended the meeting.
A total of 96 projects in Greater Noida are awaiting registries. Among these, 15 projects have cleared their dues, and registrations for flats in these projects are underway, with 2,322 flats already registered. Additionally, 40 projects have submitted 25% of their total outstanding amount, approximately Rs 276 crore, to the authority. An estimated additional amount of Rs 1,200 crore is expected from these 40 projects. Registration has commenced for these projects as well, with 315 flats already registered. The registration process for the remaining 41 projects will commence upon the deposition of 25% of the outstanding amount.
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