The Greater Noida Authority has issued a stern warning to developers of stalled housing projects under Uttar Pradesh’s rehabilitation package, urging them to complete the registration of all flats by December 31. Failure to meet this deadline may result in the revocation of benefits under the rehabilitation scheme, including the waiver of interest and penalties accrued during the two Covid-affected years.
A total of 76 housing projects have opted for the Uttar Pradesh government’s rehabilitation package, with developers paying 25% of their recalculated dues. These projects, which include 62,912 flats, have seen significant progress, with over 38,661 flats receiving completion certificates. However, around 7,000 flats across 34 projects are yet to be registered. Some of the projects with the most unregistered flats include Yamuna Buildtech’s Migson Vilasa in Eta-II (763 flats), Devika Goldhome in Sector 1 (714 flats), and SDS Infratech’s project in Omega-II (396 flats).
To encourage the registration process, Greater Noida has announced that penalties will be levied on homebuyers who delay registration of flats after January 21, 2025. Buyers of properties under 100 sqm will be charged Rs 50 per day, while those with larger units will face a penalty of Rs 100 per day. The authority had previously waived penalties for homebuyers unable to register flats due to developers’ unpaid dues, easing the financial burden for many. However, homebuyer associations had raised concerns about the accumulated penalties, ranging from Rs 2 lakh to Rs 2.5 lakh since 2018, prompting the Authority to grant a six-month penalty waiver in mid-2024. In a recent review meeting chaired by Greater Noida’s additional CEO, Saumya Srivastava, over 30 builder representatives were urged to prioritize pending registrations. Developers failing to meet the December 31 deadline risk losing the benefits granted under the Amitabh Kant Committee’s policy, and their allotments may be canceled. Additionally, the Authority has warned developers against overcharging homebuyers for no-objection certificates (NOCs), stressing that the exemption from late fees on lease deeds will expire after January 21, 2025. As the deadline approaches, both developers and homebuyers are urged to act promptly to avoid penalties and ensure the smooth completion of pending registrations.
