Noida’s legacy stalled projects: 13,000 flat registries to begin on Friday, ₹1,000 crore expected

The development comes a week after Noida Authority CEO Lokesh M held a meeting with industry body CREDAI to resolve the issue of legacy stalled projects in line with the recommendations of the Amitabh Kant Committee report.

"The Chief Executive Officer of Noida Authority had requested the officials of CREDAI that in accordance with the government order dated December 21, 2023, issued in relation to the legacy stalled projects, all builders concerned should give their consent and deposit 25% of the pending dues amount so that the sub-lease document can be executed in favour of the flat buyers," according to an official statement.

CREDAI Western Uttar Pradesh secretary Dinesh Gupta said almost all of the 57 developers who have projects in Noida have given their consent to the relief package.

"Not all the recommendations of the Amitabh Kant Committee report have been accepted by the local authority but now CREDAI has accepted whatever relief has been offered which is zero period interest waiver (on delay during the two-year Covid period)," Gupta told PTI.

"The developers would get a benefit of a maximum of up to 15% or 20% of the total pending dues," he added.

Until the last week of February, Gupta said builders had deposited part ₹70 to ₹80 crore with the Noida Authority and around ₹1,000 crore would be deposited in the coming days, which would speed up registries of an estimated 5,000 to 6,000 flats soon.