Greater Noida body warns builders to start flat registry in 15 days

The Greater Noida Industrial Development Authority (GNIDA) has issued a strict directive to builders to start the process of registering flats for buyers within 15 days, warning that failure to do so would lead to serious consequences, including cancellation of the project and possible referral of files to the Economic Offences Wing (EOW), officials said on Sunday. The move is in line with instructions from Uttar Pradesh Chief Minister Yogi Adityanath, who has called for speedy completion of flat records for the benefit of homebuyers, many of whom have been waiting for years to own their homes.

Greater Noida Authority CEO NG Ravi Kumar has asked the builders department to meet developers and urge them to give priority to flat registrations. In case of negligence, land allotments will be cancelled, officials said.

“The authority is committed to protecting the interests of home buyers and ensuring speedy registration of flats. Builders who fail to initiate the registration process within 15 days will face strict action, including cancellation of their land plots. We urge all builders to comply and expedite the process to avoid any further consequences,” said Saumya Srivastava, Deputy CEO (ACEO), GNIDA.

According to officials privy to the matter, builders who have not paid 25 per cent of their total debt, despite having benefited from a government order based on the recommendations of the Amitabh Kant Committee, will face cancellation of land allotment and their cases will be forwarded to the EOW for investigation. Notably, the Amitabh Kant Committee, headed by eminent Indian bureaucrat Amitabh Kant, was set up to address the challenges in the Indian real estate sector, particularly stalled housing projects and unresolved disputes between homebuyers and builders.

In a recent meeting chaired by ACEO Srivastava, it was revealed that on December 21 last year, the state government issued a policy based on the recommendations of the committee. Out of 98 projects under the policy, 13 builders have paid the full outstanding amount and 58 builders have deposited 25% of their dues, which is around ₹505 crore, officials said.

Accordingly, GNIDA allowed registration of 9,558 flats and as of September 5, 6,624 flats have been registered. During the meeting, Srivastava asked the builders to complete the registration of the remaining flats without any delay, adding that the registrations could be done without any late fees in the next six months.

“Our main objective is to ensure that buyers get their flats without further delay while holding builders accountable for their financial obligations. The recommendations of the Amitabh Kant Committee have been put in place to provide some relief to builders, but those who fail to comply with the conditions will face strict action,” Srivastava said at the meeting.

Officials also noted that builders who have not deposited 25 per cent of the remaining amount will face cancellation of their land allotments and GNIDA will take possession of the land. Investigations will be handed over to the EOW and a forensic audit will be recommended to the government.

“We are determined to take all necessary steps, including cancellation of land allotments and judicial investigations, to ensure that the real estate sector functions in a transparent and efficient manner,” Srivastava added.

Residents expressed hope that the steps taken by the authorities would lead to accountability and faster registrations of flats. “It is reassuring to see that the authorities are finally realising the problems faced by home buyers. My close friend has been waiting for his flat for a long time now, and it has been a tough journey. We hope that this initiative by the authorities will lead to accountability and faster registrations,” said Rajesh Patel, a resident of Greater Noida.

“I was hesitant to buy a flat here due to the uncertainty, but GNIDA’s strict stance gives me more confidence that things are improving. It seems like a good time to make an investment, knowing that builders have to be held accountable,” said Vishnu Joshi, a resident of Jaypee Greens.