Relief for home buyers! Noida Authority directs real estate developers to settle old dues

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New Delhi: In a huge relief to the home buyers waiting for registration of their flats, the Noida Authority has finally started the inspection of properties in order to resolve the deadlock with the private developers.

The officials informed that 18 projects have been identified in the first phase and the real estate developers have been directed to settle their dues. The builders had offered possession of the flats to the home buyers but the registration procedure remains incomplete. 

The developers have been offered relaxation in clearing their dues. “The developers do not need to give a one-time lump sum payment. Instead, they can pay in parts. We will provide them with an option of making flat-wise payments to settle their dues.” chief executive officer of the authority, Ritu Maheshwari said.

The group housing wing of the Authority earlier met eight leading developers of the 18 projects including Supertech Limited and Mahagun Realtors among others.

“It is a big relief that authority is taking a call on this. But we still don’t know why they have checked with 8-9 builders only. There are more than 20 such projects, like Paramount Floraville, Supertech,etc. where people are waiting for either possession or registry,” a Noida resident said.

Earlier, many flat buyers had expressed concerns over the registration of flats and its possession with the Noida government officials.