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Noida Authority Directs Realtors to Pay Dues for Registry, Offers Relief to Homebuyers

In a significant development aimed at offering relief to long-suffering homebuyers, the Noida Authority has directed 42 out of 57 realtors to clear their dues and obtain permission for executing registry. This directive came during a meeting held with realtors in Sector 6 office on Wednesday.

Under the "stalled legacy housing projects" policy announced on December 21, 2023, realtors were urged to settle their outstanding dues. The Confederation of Real Estate Developers Association of India (CREDAI), representing realtors' interests, met with Noida Authority Chief Executive Officer Lokesh M, who emphasized the importance of adhering to the policy.

Registry of apartments in stalled housing projects has emerged as a crucial issue in the ongoing Lok Sabha elections campaign. Opposition candidates, including Bahujan Samaj Party's Rajendra Solanki and Samajwadi Party's Dr. Mahendra Singh Nagar, have capitalized on the delay in registry, promising voters assistance if elected.

In response, BJP candidate and sitting MP Dr. Mahesh Sharma defended the government's actions, citing a new policy facilitating the registry of flats. Uttar Pradesh Chief Minister Yogi Adityanath echoed this sentiment during his visit to Greater Noida, underscoring the government's commitment to addressing homebuyers' grievances.

During the meeting, it was revealed that 42 real estate developers have consented to pay their respective dues in stalled housing projects. Of these, 15 developers have already paid 25% of their total dues, obtaining permission for registry. The remaining 27 developers have been directed to pay their dues by May 12, 2024, in accordance with the new policy.

Realty firm Paramount Propbuild Private Limited and Omaxe Buildwell Limited are among the developers who have made significant payments towards their dues. Paramount Propbuild Private Limited paid ₹8.10 crore, while Omaxe Buildwell Limited paid ₹11.45 crore as 25% of their dues.

Dinesh Gupta, secretary of CREDAI, expressed gratitude to Noida Authority CEO Lokesh M for granting additional time for developers to make payments under the new policy. He emphasized the importance of facilitating registries for apartment buyers under the state's initiative.

With the authority's directive and developers' compliance, a total of 325 registries have taken place as of April 9, 2024. Officials have urged developers to expedite the remaining registries to provide relief to homebuyers awaiting the transfer of flats to their names.

The move by the Noida Authority signals a concerted effort to address the longstanding concerns of homebuyers and restore trust in the real estate sector. As stakeholders continue to work towards resolving issues, hopes are high for a smoother and more transparent process in the future.

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