GNIDa has successfully executed over 1,000 flat registrations

The Greater Noida Industrial Development Authority (GNIDA) has successfully executed over 1,000 flat registrations in more than 30 group housing societies between February 26 and March 15. This achievement is part of the state government’s rehabilitation package for stalled projects. The GNIDA has ambitious plans to carry out 10,000 more such registries in the coming months.

Here are some key details:

Project Locations: Most of these flat registrations have been executed in projects situated in Greater Noida West, including:

Coco County (104)

Nirala Estate (172)

Panchsheel Greens (110)

Happy Trails (73)

And others.

Additional Registrations: Registries were also carried out in:

Purvanchal Royal City (302) in Chi 5

Migsun (24) in Omicron 3

And other locations.

Developer Dues: Developers of these 30+ projects owe dues amounting to ₹1,800 crore after considering the relief provided due to the Covid pandemic from April 2020 to March 2022.

Rehabilitation Package: Under the government’s rehabilitation package, developers can avail of relief by paying 25% of the revised dues initially within two months, followed by the remaining amount over a period of one to three years, depending on the quantum of dues.

Consent from Developers: Developers of around 75 projects out of 96 defaulter projects have given their consent to the government’s rehabilitation package. These 96 builders owe approximately ₹4,500 crore to the Authority, including about 21% relief in paying interest and penal interest for two years.

Potential Impact: If deals with all these 45 projects materialize, it could open the doors for the registry of around 15,000 flats.

Similar efforts are being undertaken by the Noida and Yamuna authorities to execute flat registries, ensuring transparency and progress in the real estate sector