March 12, 2021

Pro-rata Registry of Apartments Expected as UP Government Assures Homebuyers

There is a sigh of relief among home seekers as top officials of the Uttar Pradesh State government and the Honourable Chief Secretary promised that they would work on drafting a plan of executing registries in a week. To provide temporary relief to investors the administrators have requested Noida and Greater Noida authorities to chart a payment procedure synced with SBI MCLR to calculate the outstanding dues of the builders.

This affirmation came when a contempt application was filed by four builders regarding the computation of outstanding dues and an audit request submitted by Noida Authority. The issue is currently being examined in the Honourable Supreme Court. Arvind Kumar, Additional Chief Secretary(industries) said that” the following registries shall be implemented along with a rider according to the final cost calculated as per the verdict given by the Supreme Court. In the meantime, the registration process is required to be accelerated on a pro-rata system”.

The Chief Executive Officers of the Noida, Greater Noida, and Yamuna Expressway authorities and Chief Secretary Mr. Tiwary along with Additional Chief Secretary Mr. Kumar met an association of home seekers and builders at Indira Gandhi Kala Kendra. The session saw consistent appeals from citizens of Noida and Greater Noida who were not happy as there was a significant delay in execution of registries due to the unavailability of completion certificates from the builder’s end. Many builders have not received their completion certificates due to the issue of outstanding dues.

The authorities said that around 20,000 investors are waiting for their flat registries in the Noida region. Only 43 out of 116 Group Housing Society (GHS) projects have been issued a completion certificate, the rest of the projects have only got approvals for their maps. The authorities noted that the specifications of the apartments that were provided to the investor without implementing registries are yet to be confirmed.

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