Noida Property Registry: Thousands of home buyers of Noida may get big relief soon. According to Noida Authority, 42 out of 57 realtors have agreed to make the payment for the housing project.
Noida Property Registry: Thousands of home buyers of Noida may get big relief soon. According to Noida Authority, 42 out of 57 realtors have agreed to make the payment for the housing project. According to media reports, Noida Authority has directed realtors to repay the dues by May 12, 2024. This means that home buyers who are purchasing or have already purchased a home in Noida can get their flats registered by the end of August.
Many homebuyers who have bought a house in Noida have been waiting for a long time to get their property registered. The house registry was stopped in Noida a few years ago, which has not started yet. Home buyers in Noida have been waiting for the opening of the house registry for a long time. Now it is possible that the registry in Noida may open in the next 90 days after the payment.
In December 2023, the Uttar Pradesh government asked Noida development authorities to register all flats stuck in legal cases within 90 days. As per the policy of the UP government, registration of stalled flats can start only after the builders pay 25% of the outstanding amount. The balance 75% will be paid in the next one to 3 years. By April 9, 15 realtors had paid the dues and were allowed to register 1,400 apartments. Noida authority has allowed the process of registry of 13,600 apartments.
According to an HT report, Paramount Propbuild Pvt Ltd has paid ₹8.10 crore for its housing project in Sector 137. Omaxe Buildwell Limited has paid ₹11.45 crore as 25% dues. Pan Realtors Pvt Ltd in Sector 70, Noida has paid ₹4 crore out of the total dues of ₹37.69 crore. SDS Infratech Pvt Ltd has paid ₹9 crore out of the outstanding ₹18.43 crore in its project located in Sector 45.
According to the Confederation of Real Estate Developers Association of India (CREDAI), Indian real estate will have a significant impact on the Indian economy in the coming years. According to a report by CREDAI, the market size of the real estate sector is estimated to reach $ 1.3 trillion by 2034 and $ 5.17 trillion by 2047.
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