Noida Authority To Give Home Ownership Rights To 7,000 Buyers

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posted on 8 months ago — updated on 1 second ago

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The Noida Authority will begin the registration of these apartments in the coming days by establishing Chaupal in every sector.

This Holi, residents of Delhi-NCR have more to celebrate than just the festival. 7000 people will receive ownership rights of flats from Noida Authority under the directives of the Yogi Adityanath government. Additionally, money has been deposited in the Noida Authority by the builders of nine out of the fifty-seven projects in Noida.

Beginning on March 1, these apartments will be registered. It is to be noted that the Noida Authority will begin the registration of these apartments in the coming days by establishing Chaupal in every sector. A quarter of the due amount has been agreed to be deposited by 37 builders, according to the Noida Authority.

The UP Cabinet recently approved the Amitabh Kant Committee’s recommendations. Since then, the Noida Authority and builders have been in constant communication. The Amitabh Kant Committee granted the builders the benefit of a zero period, citing the period from April 1, 2020, to March 31, 2022, as the COVID-19 period.

A total of 37 builders have accepted the committee’s suggestion thus far. Seven of these builders have also made deposits totalling Rs 30 crore ( 25% of the total).

However, according to the Noida Authority, roughly 20 builders have not yet granted their consent. There are 57 projects in total, according to authority officials, over which there is no disagreement whatsoever. Despite this, the builders have not paid the Noida Authority around Rs 8,000 crore. Twenty builders have not responded even though 37 builders have granted their consent. Noida Authority is in constant touch with these 20 builders.

The registry of 9 projects of the 7 builders who have given Rs 30 crore to the authority is going to start. Flat owners of IITMal Nimbus Hyde Park, Prateek Fedora, Apex Athena, Gulshan Homes, Express Builder, AIIMS Promoter Limited, Divine Meadows, Capital Infra and Holder Homes will now be able to get their houses registered from March 1.

To address the matter, the Uttar Pradesh government issued an order last month directing the implementation of the Amitabh Kant committee’s recommendations with a few modifications. The committee was established by the Union Ministry of Housing and Urban Affairs to offer solutions for these kinds of stalled legacy projects.