NOIDA, April 14 -- The Noida Authority is set to provide relief to thousands of homebuyers who have been awaiting the registration of their flats for several years. Nearly 15 builder groups have now deposited 25 per cent of their dues to the authority, prompting officials to announce the imminent commencement of the registration process.

This development is expected to facilitate the registration of approximately 1,500 units, with 320 registrations already completed. Authorities have granted permission for the registration of projects by 15 different developers, and 27 promoters have committed to clearing their outstanding dues. Out of the 57 builders indebted to the Authority for land dues, around 42 developers have expressed willingness to take advantage of this opportunity.

A senior Noida Authority officer explained that, "Once these developers deposit 25 per cent of the dues, the registries of units can be executed. Till now 42 builders have agreed to avail benefits of which 15 developers have deposited the amount, while 27 are yet to make the 25 per cent payment."

Officials anticipate that upon receiving these payments,the registration of nearly 7500 units can be initiated, finally granting ownership rights to long-awaiting flat owners.

A recent meeting chaired by the Chief Executive Officer (CEO) of the Noida Authority, Lokesh M, explored avenues to facilitate the registration of stalled real estate projects. During the meeting, officials discussed the possibility of enabling developers to register their units by making partial payments of their total outstanding amounts.

Speaking on condition of anonymity, a senior Noida Authority officer disclosed that the CEO instructed officials to prioritise the interests of homebuyers. "The CEO has directed to execute all the pending registries at the earliest. Members of CREDAI were also present in the meeting who were asked to hold meetings with builders and convince them to clear dues so that homebuyers can be given ownership rights," the officer said.

Some of these builder groups include Mahagun Builders, RG Builders, Divine Residency, Gulshan Builder Group, Great Value Builder Private Limited, Prateek Buildtech, Omaxe Buildwell, Paramount Builder, and others.

Published by HT Digital Content Services with permission from Millennium Post.