Noida Authority recovers ₹533.91 crore to unlock stalled real estate projects
The Noida Authority has collected ₹533.91 crore in dues by facilitating the registry of 3,620 apartments across 27 stalled housing projects under the Uttar Pradesh government’s December 21, 2023 policy aimed at resolving long-standing real estate disputes, officials told the Hindustan Times newspaper.
So far, registries for 2,726 of these units have been executed, enabling apartment buyers to finally secure legal ownership of their homes, according to the authority.
“The Noida Authority is asking the promoters to complete the registry of the remaining flats in their housing projects. We have also asked them to encourage apartment buyers to execute the registry,” HT quoted Lokesh M, chief executive officer of the Noida Authority.
The policy offers interest waivers to developers whose projects were halted during the Covid-19 pandemic or due to National Green Tribunal (NGT) restrictions. Promoters must first avail themselves of the Covid-19-related interest waivers and pay off the remaining dues before becoming eligible for waivers linked to NGT-related disruptions.
Read more: https://www.hindustantimes.com/real-estate/delayed-real-estate-projects-noida-authority-collects-533-91-crore-from-stalled-housing-projects-101743993009546.html
Credit by: https://www.hindustantimes.com/