The UP Govt has expressed the possibility of a proportional registry of flats
The chief secretary and other senior officials of the Uttar Pradesh government on the 6th of March assured the homebuyers that they would come up with a plan to execute the registries of property and fix such other legacy issues within a week.
As an interim arrangement to give immediate assistance to the buyers, senior officials asked the Noida and Greater Noida officials to equip a payment plan linked to SBI MCLR (marginal cost of money-based lending rate) so that the dues of the developers can be calculated.
This support came at a time when the calculation of arrears on a contempt petition by four developers and a review petition by Noida Authority is being heard by the Supreme Court.
The CEOs of Noida, Greater Noida, and Yamuna Expressway officials interacted with a group of homebuyers and developers at the town hall held at the Indira Gandhi Kala Kendra on the above matter.
The two-sided session was followed by persistent appeals to the government by residents of Noida and Greater Noida who had bought the property in group housing societies but were waiting for the registries to be carried out in the absence of completion certificates. Many builders are yet to receive completion certificates from the authorities for the outstanding amount.
Other Issues Raised In the Meeting Were:
- The mechanism for the continuous transfer of interest-free maintenance security at the time of handover.
- Delivering the benefit of late possession to the buyers.
- Monitoring the construction of projects through satellite imagery.
- Speed up the installation of multi-point meters.
Although the correct number could not be found out, officials said that there are around 20,000 buyers awaiting the registry of their flats in Noida. Completion certificates have been issued to 43 of the total 116 group housing projects in the city. Among others, 52 projects have been awarded partial certificates while 10 are yet to apply. The rest have only approved their maps.
In terms of inventory, 1,63,350 flats are approved by the Noida Authority in these 116 projects. Among them, more than 50,000 flats are incomplete projects, executed by Jaypee Infratech, while 40,000 units have been awarded partial certificates. The remaining 73,000 flats are in projects that have either been approved or are under construction.
Noida Authority Additional Chief Executive Officer Neha Sharma said that the details of the flats which were offered to the buyers without registration have not been revealed yet. According to officials, they carried out the first round of the survey and covered major projects in the last week. In 18 of these projects, about 10K flats have been offered without a registry.
