propnewstime.com-Greater Noida's real estate sector revitalized with 8,000+ flat registrations since February
Since February 2024, Greater Noida has seen the registration of 8,106 flats following developers' adoption of the UP-government's policy aimed at reviving stalled real estate projects in the state. A report presented to the Greater Noida Industrial Development Authority's (GNIDA) board on October 27 indicated that an additional 8,000 flats are anticipated to be registered by March next year. This policy, developed based on recommendations from a committee chaired by retired bureaucrat Amitabh Kant, requires builders to pay 25% of their recalculated dues upfront in order to receive a zero-interest waiver on dues incurred during the two years of the pandemic.
In Greater Noida, the report mentioned that developers of 73 group housing projects, which include 32,435 unregistered flats, have chosen to adopt the policy. This year's flat registrations have generated around INR 547 crore for GNIDA, with an additional INR 1,300 crore anticipated for the next year. To safeguard home buyers' interests, GNIDA has established a three-party "sale agreement" model, similar to those used by the Noida and Yamuna Expressway authorities. This agreement is executed among builders, homebuyers, and the relevant authority after buyers make a 10% down payment. It is a legally binding contract required for all future housing projects and guarantees the timely payment of stamp duty.
