Noida Developers Step Up: Partial Dues Deposited for Legacy Projects

Noida, Uttar Pradesh - May 10, 2024:  In a positive development for homebuyers in Noida, 20 builders involved in stalled legacy housing projects have begun to address outstanding dues owed to the Noida Authority. These developers have deposited a combined sum of ₹170.77 crore, representing 25% of the total payable amount calculated after exemptions. This move marks a significant step towards resolving the long-standing issue of delayed projects and registrations in Noida.

Addressing Legacy Project Issues

The Noida Authority had previously issued a directive in December 2023, aiming to tackle the problem of stalled legacy projects. This directive outlined a relief package for developers, offering exemptions and incentives to encourage them to complete pending projects and initiate flat registrations. The recent deposit by 20 developers signifies a positive response to this initiative.

Expected Windfall for Noida Authority

The Noida Authority anticipates a total of ₹450 crore from these 57 builders involved in legacy projects. The initial deposit of ₹170.77 crore represents a crucial first step towards achieving this target. These funds will be utilised by the Noida Authority for critical infrastructure development projects and improving civic amenities within the city.

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Progress for Homebuyers

This development brings long-awaited hope for homebuyers who have been waiting for the completion of their flats in stalled projects. With developers making initial payments, the process of registration and project completion is expected to gain momentum. The Noida Authority has also stated that these 20 developers have initiated the registration process for a total of 1,604 flats.

Remaining Developers and the Path Forward

While the initial response is encouraging, there are still 37 developers who haven't yet deposited their share of the dues. The Noida Authority has called upon these remaining developers to expedite the process and comply with the relief package. Additionally, 15 project developers have not yet accepted the relief package itself. The Noida Authority is likely to engage with these developers to find a solution.

A Beacon of Hope

The initial deposit by 20 developers serves as a beacon of hope for homebuyers in Noida. It demonstrates a willingness from the developer community to address past issues and collaborate with the Noida Authority to ensure project completion. As more developers come on board and contribute their dues, the future for stalled projects and homebuyer registrations appears brighter in Noida.

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