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Real Estate
The real estate landscape in Noida and Greater Noida has seen a significant shift with nearly 20,000 homebuyers benefiting from a recent amnesty scheme, where builders have finally cleared their outstanding dues to local authorities. This move not only brings relief to the affected homebuyers but also paves the way for the long-awaited registry of flats in these regions.
The amnesty scheme was introduced to resolve the long-standing issue of stalled projects in Noida and Greater Noida. Developers have been facing financial difficulties, leading to significant delays in completing projects and handing over possession to homebuyers. The scheme allows builders to clear their dues by making substantial payments to the authorities, ensuring that they do not pass on any additional costs to homebuyers in the form of extra interest.
In Noida, there were 57 stalled projects, of which 33 builders have availed themselves of the amnesty scheme, paying partial dues. The Noida authority has received ₹534 crore from these payments, marking a significant step toward resolving the stalemate. Meanwhile, in Greater Noida, a larger number of projects—77 out of 98—have benefited from the scheme, with the authority receiving ₹1,014 crore so far. The total dues expected to be cleared under this scheme amount to ₹1,800 crore once all payments are made[1].
This development is particularly welcome for homebuyers who have been caught in the middle of disputes between builders and authorities. For years, thousands of homes were stuck in limbo, with buyers facing uncertainty and financial strain. The recent action by builders and authorities signals a shift towards addressing these concerns and ensuring that homebuyers finally receive their rightful possessions.
In addition to the amnesty scheme, the Noida and Greater Noida authorities have taken a stricter stance against builders who have not cooperated. There are plans to initiate police action and seize properties of non-compliant builders. For instance, the Noida authority sealed unsold land of the Omaxe Group, which had outstanding dues of ₹457 crore[1]. This signals a strong commitment to resolving disputes and ensuring accountability among developers.
Furthermore, the authorities have outlined a six-point plan to tackle issues in group housing projects:
The real estate sector in Noida and Greater Noida faces significant challenges, not least of which is the estimated ₹40,000 crore owed to local authorities by developers. This includes premiums, interest, and penal interest on allotted plots[1]. Despite these hurdles, the current developments offer hope for a turnaround.
The Supreme Court has been closely monitoring the situation, emphasizing the need for authorities to prioritize homebuyers' interests over debt recovery. The court has criticized Noida bodies for prioritizing dues over homebuyers' rights, stressing that developers should not burden buyers with additional costs[5]. This stance underscores the judiciary's role in safeguarding consumer rights and pushing for resolute action in resolving stalled projects.
In recent years, homebuyers in Noida and Greater Noida have launched campaigns like "No Registry, No Vote," highlighting their frustration with delayed registries and calling for authorities to take decisive action. While progress has been made, public pressure remains crucial in driving change in the real estate sector[4].
As the situation begins to improve, there is optimism that the real estate sector in Noida and Greater Noida will witness a revival. With several prominent developers like SJP Hotels & Resorts and Kamroop Infrabuild set to deliver over 5,000 flats during the upcoming festive season, the momentum is building[4]. However, sustained efforts from both developers and authorities will be crucial in maintaining this pace and ensuring that similar challenges are avoided in the future.
In conclusion, the clearance of dues by builders under the amnesty scheme marks a significant milestone for homebuyers in Noida and Greater Noida. As authorities continue to take a firmer stance and the judiciary remains vigilant, this could be the beginning of a more stable and consumer-friendly real estate environment in the region.
