Greater Noida has registered over 8,000 flats under the Uttar Pradesh government’s rehabilitation policy, as reported in the recent meeting of the Greater Noida Industrial Development Authority (GNIDA) board. Since February of this year, a total of 8,106 flats have been officially recorded, with another 8,000 expected to be registered by March next year, highlighting the proactive steps taken by developers to revitalise stalled projects.
The rehabilitation policy, introduced following recommendations from a committee led by retired bureaucrat Amitabh Kant, stipulates that builders must pay 25% of their recalculated dues upfront to qualify for a two-year interest waiver on amounts accrued during the pandemic. This innovative approach has encouraged developers of 73 group housing projects, comprising 32,435 unregistered flats in the region, to participate actively in the programme. The recent wave of registrations has yielded approximately ₹547 crore for GNIDA, with expectations of an additional ₹1,300 crore in the upcoming year. This influx of revenue is not only vital for GNIDA but also signals a renewed confidence among homebuyers and investors in the Greater Noida real estate market. To safeguard the interests of homebuyers, GNIDA has adopted a tripartite sale agreement model akin to that employed by Noida and the Yamuna Expressway authorities. This legally binding agreement is signed between the builders, homebuyers, and GNIDA after a 10% down payment is made, ensuring timely payment of stamp duty and offering buyers a layer of protection that was previously lacking, as registration only occurred after full payment.
In efforts to streamline industrial plot allocation across Noida, Greater Noida, and the Yamuna Expressway, GNIDA has enlisted SARC and Associates to develop comprehensive guidelines on eligibility and lease processes. This initiative is crucial for establishing a standard operating procedure (SOP), which aims to create a more transparent and efficient framework for land allocation. Additionally, the GNIDA board approved new policies to facilitate flat registrations within the Senior Citizen Home Complex Welfare Society. Many original allottees have sold their flats without executing sub-lease deeds, leading to the need for new guidelines. Under the revised policy, the society must provide a list of current occupants and an affidavit, enabling GNIDA to issue No Objection Certificates (NOCs) for sub-lease deeds. The 136th GNIDA board meeting, chaired by Chief Secretary Manoj Kumar Singh, saw attendance from key officials, including GNIDA CEO Ravi Kumar NG, and Noida Authority CEO Lokesh M. The discussions underscored the commitment of local authorities to rejuvenate the housing market while ensuring the protection and satisfaction of homebuyers.
