NAREDCO Uttar Pradesh Notifies Its Members To Submit Registry Plan To The Authority

The National Real Estate Development Council (NAREDCO) has advised developers to start a registry of flats as the local authority in Noida and Greater Noida has launched a campaign for this.

The Developer’s Association said that the UP government has accepted the proposal to allow registration of flats on deposit of land dues liability per flat by the authority applying the simple interest in SBI-MCLR as per the Supreme Court Order.

The steps taken by the state government will definitely help the government in collecting revenue and also help individual customers get their registry done. 

According to the report, more than 50,000 units are still pending registration in Noida. NAREDCO-UP has sent guidelines to all the NARDCO members including Panchsheel, Ajnara, Antarx, and Migsun Group.

The Chief Secretary, UP, in a meeting with the developers and CEO of Noida, Greater Noida, and Yamuna Expressway Authorities, discussed buyers’ complaints in this regard and as a solution, the above suggestion was accepted in principle.

The Noida Authority has warned to take action against developers who have given possession to homebuyers without registering their flats.

The authority investigated 18 housing societies and found people living there for 4-5 years without registry causing loss of revenue to the state government.

Now the authority has begun a special camp in housing societies for flats registry.

The authority has also stated that instead of paying dues in one go, the builder can pay the dues during the registration of the flat. The Noida Authority has also granted 3 months to complete the registry.