In a significant development, the Greater Noida Industrial Development Authority (GNIDA) has granted occupancy certificates (OCs) to over 20 housing projects in the past four months.
This move, following the settlement of developer dues totaling Rs 100 crore, has facilitated approximately 5,000 homebuyers to initiate the registry process. The stamp duty payments for these transactions have contributed Rs 150 crore to the state government's revenue.
According to established rules, GNIDA issues an occupancy certificate to a housing project only after the promoter settles the land cost dues, obtains a no dues-certificate, and fulfils other formalities, including fire clearance and lift safety. Presently, around 100 housing projects in Greater Noida are yet to clear their land cost dues, amounting to nearly Rs 14,000 crore, as per GNIDA records.
The government is expected to be preparing to announce a rehabilitation package for developers of stalled projects in Greater Noida, based on recommendations from a government-appointed expert panel. The panel proposes delinking developer dues from the flat registry if the project is integrated into the rehabilitation package.
This recent move by GNIDA aims to streamline regulatory processes and ensure timely completion of real estate projects, fostering a favourable environment for both developers and homebuyers.
