Noida: 20 projects offer to clear dues, will pave the way for 10,000 registries

NOIDA: If developers of 20 group housing projects keep paying their dues as promised by them while opting for the reschedulement policy, GNIDA will facilitate registries of around 10,000 flats that are part of these apartment complexes over the next two years.
Developers of 20 apartment complexes, most of them located in Greater Noida West, have applied for the reschedulement policy that was introduced this January. Its last date for application ended on March 31.
According to the policy, developers of group housing and commercial projects can pay 20% of their dues to the Greater Noida Industrial Development Authority (GNIDA) within a month, and get the registries done for the flats.
These 20 builders owe GNIDA Rs 820 crore as dues, which include original installment, additional compensation and lease rent.
"They have submitted 10% of the total amount (Rs 81.1 crore) and will pay the rest within a month to remain eligible for the policy. They will clear their remaining dues in installments over the next two years," an Authority official said on Thursday.
Altogether, there are 26,685 flats in these 20 projects. Registries of 60 to 70% of flats has already been done.
The developers are: Samridhi Realty Homes (Tech Zone 4), Nirala Group (two projects in Sector 2, one each in Tech Zone 4 and 16), Mahalaxmi Infrahome (Omicron 3), Yamuna Builtech (Eta 2), Habitech Infrastructure (Tech Zone 4), JM Housing (Tech Zone 4), Starcity Buildcon (Sector 1), IITL Nimbus (Chi V), Strategic Developers 9 Sector 16), Gulshan Homz (Sector 16), Solitaire Infrahome (Sector 16 C), Sam India Abhimanyu Housing (Sector 16C), Radhey Krishna Techno Build (Sector 16), Rudra Buildwell Infra (Sector 16), Dar Housing (Sector 1), Jyotirmay Infracon (Sector 16C) and BS Buildtech (Sector 16).
Noida Extension Flat Owners' Welfare Association (NEFOWA) president Abhishek Kumar said on Thursday the developments were "positive".
"Thousands of homebuyers have been waiting for the registry of their flats for many years now, but due to the stalemate between the Greater Noida Authority and developers over the dues, they were the biggest sufferers. We hope that more builders will come forward and participate in such schemes to resolve the logjam," he said.
Latest data available with the Authority showed that there were a total of 197 projects in Greater Noida, of which 107 owed Rs 5,650 crore to the Authority. Of this, 20 builders have applied for reschedulement and another five have already paid the full amount.
The Authority received about Rs 400 crore in recent months from developers and hopes to get another Rs 80 crore in the second installment to be given by the 20 developers.
The reschedulement policy is available to builders who were in the process of obtaining partial OCs after construction. Builders who have already obtained OCs and are not able to get the registries due to their liabilities can also apply.