At least 30 developers have given their consent and signed the agreement that will pay 25% of the dues to become eligible for carrying out registries of ready unit in stuck housing projects

The Greater Noida authority will soon issue permission for the registry of 6,500 apartments as at least 30 realtors have agreed to clear their dues under the 2023 realty policy of the Uttar Pradesh government.

Under the provisions of December 21, 2023, policy, developers can avail of waivers on penal interest for two years -- the Covid 19 period -- and also for the period when construction got disrupted owing to court orders. After deducting penal interests, these 30 developers agreed to pay 25% of the total dues to become eligible for registry of apartments, officials said, adding that 30 more realtors are likely to agree to pay their dues.

“At least 30 developers have given their consent and signed the agreement that will pay 25% of the dues to become eligible for carrying out registries of ready unit in stuck housing projects. We are pursuing all realtors to get them to use the scheme and get permission for registry so that homebuyers no longer have to suffer,” said Saumya Srivastava, additional chief executive officer, Greater Noida authority.

Under the policy, the authority has the mandate to cancel the allotment of defaulter realtors, who do not want to pay the dues, and take over the incomplete project. The policy also empowers the authority to blacklist the defaulter developer for a period of five years in the jurisdiction of the three industrial bodies -- Noida, Greater Noida and Yamuna Expressway.

There are at least 96 stalled projects, comprising 75,000 units, in Greater Noida, which are in a position to use the 2023 policy, said officials.

Under the policy, the realtors of 30 stalled housing projects will pay a total of ₹350 crore and obtain permission to execute registries of 6,500 apartments in their respective projects.

Once the processing is over, the authority will issue necessary permission and the process will be completed in one or two months, said officials.

The authority has formed three committees --each headed by a deputy general manager -- to pursue all remaining realtors and get them to clear the dues and then obtain registry permission.