The Greater Noida Industrial Development Authority in the last four months has completed approximately 5,000 registries following developer payments and occupation certificates from over 20 housing complexes.
According to GNIDA CEO Ravi Kumar NG, the registries brought in Rs 100 crore in revenue, and the state government received Rs 150 crore in stamp duty payments from those transactions. Officials from GNIDA claim that in order to expedite the registration process and give homeowners ownership rights once developers made their payments, the authority used a flat-wise registration scheme.
To address the problem encountered by homebuyers, GNIDA held camps at its office. The officers in charge of the registration department made sure that the registration procedure was easy to follow and customized for each project.
A list of developers who had paid their debts in full was released by GNIDA. Additionally, it had directed the developers to carry out tripartite lease deeds between the authority, the homeowners, and themselves.
According to GNIDA officials, the state government will soon provide a rehabilitation package for developers of projects that have stopped in the city. The package is based on a report from the Amitabh Kant expert panel, which was constituted by the national government.
Delinking developer dues from the flat registry is one of the panel’s recommendations, provided the project is included in the rehabilitation package. The authority has been concentrating on addressing all builder-buyer concerns in accordance with the current policies, nevertheless, until that is put into effect.
