40% flats registered, 13% housing projects get completion certificates, Real Estate News, ET Real Estate

NoidaRegistry of flats in the city The extent of the impasse, with many homebuyers finding themselves unable to obtain documents for their properties due to a standoff over dues between builders and the government, is evident from recently uploaded data. Noida Authority on its website.

This shows that of the 1.3 lakh flats sanctioned in 115 projects in the city till 2016-17, only 56,790 (about 40%) are registered. Of these 115 projects with approved plans, 89 (77%) are defaulters and collectively owe Rs 26,000 crore.

Only 24 projects have paid all their dues while two have been cancelled. But even out of 24, only 15 have received completion certificates, which is a mere 13% of all projects approved in the city, which was once famous for its real estate boom.

Completion certificate is issued when all the facilities are completed and the license conditions are met. Protests are being held in one society or the other this weekend for facilities that are incomplete or fall short of the original commitment, the data comes as no surprise.

No new housing projects were approved in Noida between 2016-17 and 2021-22. Officials said that some new projects which have been approved in this financial year have not been included. neither are 46 residential Sanctioned projects under Sports City Scheme in Sector 78, 79, 101, 150 and 152. Registry may not even be here because the licensing conditions do not extend to sports facilities, which are at the heart of a community of residential buildings. Make

Although in Noida Jaypee Infratech Ltd.’s 15 projects in Wish Town, which has about 30,000 homes and has just emerged from a protracted insolvency resolution process, have not been included either because the deal was signed with the Yamuna Expressway Industrial Development Authority (YAD).Yes,

Of the 89 projects with defaulters, 15 are in the National Company Law Tribunal, bankruptcy court. unitech, originally promoted by the Chandras and now run by a government-appointed board, is the biggest defaulter, followed by Amrapali, whose completion of projects is being monitored by the Supreme Court. 14 out of 89 projects are of these two companies.

According to the data, Unitech owes Rs 9,760 crore – Rs 6,594 crore from projects in Sectors 96, 97 and 98, Rs 1,754 crore from a project in Sector 117, approval to build 3,784 flats and Rs 1,412 crore from projects in Sectors 113 and 144 In.
Amrapali’s dues are Rs 2,777 crore. The collective dues of the projects in NCLT are Rs 4732 crore. These include prominent names like Supertech, Logix, 3C and Ajnara.

The Noida Authority has uploaded these details on its website for the first time so that homebuyers can check the status of the projects in which they have invested. , He said that from April 1 last year till now about 3500 registries have been done. Earlier in 2021-22 only 2,424 registries were completed. In the financial year 2020-21, the registries were badly affected due to Kovid. But before that the picture was not rosy. 1,500 registries were completed in 2019-20.

Noida Authority CEO Ritu Maheshwari said that the data will be updated from time to time. “This has been done to facilitate homebuyers and ensure transparency in group housing projects,” he added.