23k flats handed, only 13k can be registered

NOIDA: Nearly 23,000 flats across the district have been issued occupancy and completion certificates by the three development authorities till June 15 and handed to buyers, Noida’s assistant inspector-general of registration, BS Verma, said.
Of them, over 55.8% of flats have also been issued sub-lease documents but are yet to be registered as the developers have not initiated the process, he said. Registries of the remaining 44.1% — about 10,150 flats — are also stuck as their sub-lease deeds have been withheld over pending dues.
On Saturday, ADM (finance) Vandita Srivastava met developers, representatives of Noida, Greater Noida and Yamuna authorities and officials of the stamp and registry department at Surajpur collectorate to facilitate the registration of flats.
During the meeting, officials clarified that sub-lease deeds are issued once a project gets occupancy and completion certificates. Developers need to clear dues to the authority before a sublease deed — a tripartite contract between the authority, developers and the allottees — is issued.
Of the 12,850 flats, which have been issued all three documents, 7,779 are located in Noida, 3,493 in Greater Noida and 1,578 in areas under the Yamuna Authority.
The ADM directed the developers to complete the registration of the 12,850 flats within the next 15 days and clear dues to obtain sublease deeds for the remaining.
Gautam Budh Nagar executed only 16,863 flat registries and earned Rs 656.7 crore until February 28 in the financial year 2022-23. In Noida alone, over 1.4 lakh properties were registered in the financial year 2022-23 against 1.22 lakh in the previous financial year. This year, the department collected Rs 3,018 crore in registration fees against Rs 2,377 crore in the previous financial year.
Builders owe the authorities approximately Rs 40,000 crore, with Rs 26,000 crore owed to the Noida Authority and nearly Rs 14,000 crore owed to the Greater Noida Authority.