Noida flat registry deadlock likely to be resolved, authority meeting may decide fate of 40 thousand flat buyers

New Delhi: A meeting of the Noida housing authority is scheduled for April 9 which may decide the fate of over 40 thousand flat buyers in Noida, as per a newspaper report.

A report in the Hindustan said that among several things on the discussion table, the Noida authority will also deliberate on issue regarding outstanding dues of land to be paid by the builders to the authority.

It may be recalled that in June 2020, the Supreme Court capped the rate of interest at 8 percent to be charged by authorities on the outstanding dues of land against the exorbitant 15 to 23 percent. The top court said considering the current state of real estate sector, the projects have come to a standstill and the sector needs to be given impetus mainly considering plight of home buyers.

A bench of Justices Arun Mishra and U U Lalit had directed the Noida and Greater Noida authorities to restructure the dues of real estate firms considering the current state of sector as out of the 114 plots given in 2005, most of the projects are incomplete.

The Noida flat registry deadlock, if and when resolved, will be a much needed relief for Noida flat buyers who are coping with the impact of Covid-19.