Greater Noida Authority Warns Developers to Execute Registries of Flats or Face Action
In their projects where the OC has been issued, builders who have deposited the first twenty-five percent of their dues have been advised by the Greater Noida Industrial Development Authority (GNIDA) to complete the registry of apartments as soon as possible or suffer consequences, according to officials.
According to GNIDA authorities, 2,637 units have been registered thus far in various Greater Noida projects. Under the Uttar Pradesh government’s rehabilitation package scheme, the developers of forty projects have deposited with the Authority the necessary twenty-five percent of their outstanding balances. To date, the Authority has collected 276 crore in arrears.
In addition, the builders of 40 similar projects have paid the authorities 25% of the about Rs 276 crore remaining balance, and an additional approximately Rs 1,200 crore is still owed from these 40 buildings.
