Why homebuyers in Noida and Greater Noida still have to wait for registries despite UP govt's approval

In a big relief for stuck homebuyers, the Uttar Pradesh Cabinet approved the recommendations of the Amitabh Kant committee to revive stalled real estate projects in Noida. However, officials have clarified that the implementation of these recommendations will not be direct but will require the formulation of a policy. This decision, made apparent on Wednesday, implies that the resumption of property registries in the city will be delayed until the policy is in place, a TOI report stated.

The policy formulation process involves presenting the proposal before the boards of the three authorities in Noida. Subsequently, the proposal will go to the state government for approval. While the zero-period waiver of 46 months has been defined, allowing each authority to reassess developers’ dues, the policy is deemed crucial for establishing a roadmap to expedite property registries.

CEOs of both the Noida and Greater Noida authorities have expressed their readiness to implement relief measures for realtors and homebuyers once they receive clear instructions from the government. Of the 2.4 lakh stressed housing units targeted for relief by the Kant committee, nearly 2.3 lakh are located in Noida and Greater Noida.

Lokesh M, CEO of Noida Authority, told TOI, “We know that the state government has approved the expert committee’s recommendations, but further clarity is required. Only after receiving the order will the authorities move in that direction and implement it.” Similarly, Ravi Kumar NG, CEO of Greater Noida Authority, highlighted the need for a comprehensive policy, stating, “The government order will contain detailed information about the implementation of the recommendations. After receiving the information, we will decide. A comprehensive policy might need to be formulated and approved by the board.”

Experts have pointed out various technical challenges that need addressing for the implementation of each recommendation. One such challenge is determining the criteria for zero-period waivers for projects allocated land between 2009 and 2011 with a delivery deadline before 2020. Additionally, a resolution must be devised to ensure that the benefits, such as zero-period waivers, extended to realtors are passed on to homebuyers by facilitating property registries.

It is noteworthy that builders collectively owe Rs 47,000 crore to the three authorities, with the Noida Authority having to collect Rs 28,000 crore, the Greater Noida Authority Rs 14,079 crore, and the Yamuna Expressway Authority Rs 4,800 crore.