Real Estate
Realtors asked to execute registry to homebuyers by Dec 31
Greater Noida: The Greater Noida authority has asked realtors to ensure that all pending flat registries in their respective projects are executed in favour of homebuyers by December 31. else be ready to face the consequences.
Officials said in case the realtors fail to comply, the authority will not offer them the applicable waivers on interest imposed on financial dues in housing projects.
“This is the last chance for builders. After this notice, the realtors not registering flats by December 31 will not be given any more time. The authority will take action and will withdraw the relief on interest granted to housing projects following the recommendations of the Amitabh Kant Committee,” said Saumya Srivastava, additional chief executive officer (ACEO), Greater Noida.
“We have directed the building department of the authority to lay more emphasis on registry to flat buyers or to cancel the allotment of erratic builders. Of the total 98 projects in Greater Noida, 76 are covered under the policy prepared on the recommendations of the Amitabh Kant committee,” the ACEO said.
NG Ravi Kumar, CEO, Greater Noida authority has also directed strict action against builders that continue to delay the registry of flats.
On Thursday, ACEO Srivastava held a meeting with the builders in the boardroom of the authority’s main office in Sector Knowledge Park-5.
Along with other officials, Srivastava saw a presentation about each housing project, where registries are pending. For these projects, 25% of the amount (full and partial) has been deposited by builders.
These projects have 62,912 flats, of which 38,661 have been issued completion certificates. So far, about 31,600 flats have been registered. There is still a registry of about 7,000 flats pending in 34 builder projects.
The authority is trying to register these flats, not registered as yet despite the UP government giving them waivers, paving way for a solution to homebuyers’ issues.
It intends that the registration of flats in the name of buyers should be completed before the exemption from late fee ends on January 21, 2025. It will prevent the buyers from bearing the late fees.
The ACEO also reprimanded the builders who are charging more from buyers in the name of no objection certificate (NOC). He warned of action if buyers were charged more than the prescribed fee for NOC.
Builder department manager Sneh Lata and more than 30 builder representatives were present in this meeting.
These realtors, however, were unavailable for comment on the issue. “These realtors should come forward to make sure that the homebuyers get the registry done and get relief. We will try to resolve the deadlock and help the homebuyers get the registry done in these projects. Most of the realtors are eagerly taking benefit of the state government policy and executing registry in favour of the homebuyers,” said Dinesh Gupta, secretary, Confederation of Real Estate Developers Association of India (CREDAI), a builders’ group.
Homebuyers said that the authority must pursue the promoters of these housing projects for the registry. “We hope that after the authority’s warning these five developers will come forward to execute the registry and complete all formalities required for registry with an aim to address the issues of the buyers,” said Abhishek Kumar, president, Noida Extension flat owners welfare association.
Real Estate
Noida Authority cancels allotment of prime group housing plot in Sector 143
Noida: The Noida authority on Thursday said it has cancelled the allotment of a group housing plot measuring 13,961 square metres in Sector 143.
The move came after the realty firm, Docile Buildtech Private Limited, failed to clear land cost dues of ₹130 crore despite repeated notices. The authority also started the process of taking over possession of the group housing land parcel and officials said they will re-allot the land to a new developer with an aim to recover its revenue.
“We have cancelled the allotment of this group housing plot that has been lying vacant and the realty firm has failed to clear dues of ₹130 crore despite the authority sending it notices. After the firm failed to reply to our notices and also showed no interest in paying the dues, the authority cancelled the allotment and started the process of taking over the land. Docile Buildtech is a subsidiary firm of Logix Group,” said Lokesh M, chief executive officer, Noida authority.
According to officials, the authority in 2011 allotted 100,090 square metres of land to Logix City Developers Private Limited for a group housing project in Sector 143.
On November 18, 2017, the Noida authority sold 13,961 square metres from the 100,090 square metre group housing land to Docile Buildtech, which was to develop the group housing project.
The authority allotted the plot at a rate of ₹23,550 per square metre. But even after so many years, the firm neither built the housing project nor paid the dues to the authority, said officials.
“If we calculate the value of this 13,961 square metres group housing plot at the prevailing market rate, then it may be worth about ₹450 crore. Once we take possession of this plot and resell it, then we can recover our dues and also collect additional revenue,” Vandana Tripathi, additional chief executive officer, Noida authority.
The authority has written to the economic offences wing to probe Logix City developers as that firm has been accused of misusing funds collected for Logix Blossom Greens.
“We sought the EOW probe so that we can do justice to homebuyers, who failed to get apartments in this project,” said Lokesh M, CEO, Noida authority.
Shakti Nath, promoter of Logix Group, said, “The Noida authority cannot cancel the allotment or take over possession against Logix or Docile Buildtech because the matter is pending before the National Company Law Tribunal. Also, there is a third party right as we have sold the flats to buyers in both projects. I do not know how the authority is acting in this manner.”