NOIDA: The Noida Authority has decided to continue the Uttar Pradesh government’s rehabilitation policy for stalled real estate projects, extending its benefits to developers who have not yet paid the required 25% of their recalculated dues. This move brings fresh hope to thousands of homebuyers awaiting the completion and registration of their flats.
Initially, the Authority planned to withdraw benefits from non-compliant developers, but reversed its decision during a board meeting on January 3. They opted to maintain the state government’s directive from December 2023 aimed at reviving legacy stalled projects.
Authority CEO Lokesh M stated that while the policy would remain in effect, there would be no blanket relief. “Applications from builders who did not meet the 25% deposit deadline will be reviewed individually and presented to the board for approval,” he emphasized, clarifying that any additional concessions would require board approval.
The agenda filed before the board indicates that 57 projects are under this policy, excluding Amrapali, Unitech, and others pending before the NCLT. Among these, 36 projects have paid the full 25% of their dues, 11 paid a partial amount, 4 developers consented but did not pay, and 6 neither consented nor deposited any funds.
So far, builders have contributed Rs 561 crore towards the 25% dues and partial payments, while total collections, including installments, amount to Rs 872 crore.
This decision follows a prior resolution made during the Authority’s 219th board meeting on October 3, where benefits were set to be withdrawn from 19 developers who failed to make the initial 25% deposit by the October 24 deadline. In those cases, the accounts department began recalculating dues and issuing new demand notices.
The board has now decided to grant these developers additional time, indicating that future actions will depend on whether they come forward to deposit the required 25% advance. The Authority also mentioned that several projects are entangled in litigation or revision proceedings, and benefits may only be considered after such cases are resolved and dues recalculated in line with government policies that account for Covid disruptions and NGT-related construction bans.
Despite the renewed policy support, registration rates remain low. Of the 21,034 unregistered flats across the 57 projects, registration permission was granted for 6,855 flats against the 25% deposits, but only 4,134 registrations have been completed so far—approximately 60% of the eligible stock. Authority officials noted that regular registration camps are being held, and meetings with developers are ongoing, but builders cite a lack of buyer interest as a significant obstacle.
