Property Registry: Big relief news is coming for thousands of home buyers of Noida. Noida Authority has said that more than 40 realtors are going to return the outstanding money of home buyers. For this, real estate developers have been given one month's time by the authority. This will open the way for home buyers to get their flats registered. Registry will start in 3-4 months According to a report in Hindustan Times, Noida Authority has confirmed that 42 out of 57 realtors with stuck housing projects are ready to pay the dues. The authority has asked all real estate companies to clear their dues by May 12, 2024. The authority has also said that as soon as the real estate companies clear their dues, home buyers will be able to get their flats registered after 90 days. Months of wait will end This update from the authority is a big relief for thousands of home buyers who have been waiting for the registration of their house/flat for months. The authority had put a stay on the registration of flats in the concerned project after the developers of the project did not pay the dues to the authority. Now that the real estate traders are going to pay the dues, the way for registry is also going to open. The state government had given instructions. Earlier in December 2023, the Uttar Pradesh government had asked the Noida Authority to register all the flats stuck in legal trouble within 90 days. Under the government policy, if a realtor pays 25 percent of the outstanding amount, then registration in his project will start. The remaining 75 percent dues can be paid in the next one to three years. They have already paid According to the Hindustan Times report, this month some developers have already paid the dues and have got the registry permission. As of April 9, 15 developers have paid their dues, including Paramount Propbuild (Sector 137), Omaxe Buildwell, Pan Realtors (Sector 70), SDS Infratech (Sector 45). The paying developers have received registry approval for around 1,400 flats.

April 12, 2024 Business