The Noida Authority has issued a stern warning to real estate developers who have sold properties without registering the flats, a move that has significantly impacted homeowners and resulted in substantial revenue losses for the Uttar Pradesh government.
Inspection of Housing Societies
During an extensive inspection of 18 housing societies, Noida Authority officials discovered residents had been occupying their homes for four to five years without formal property registration. This lack of registration represents a substantial loss of income for the state government.
Meeting with Developers
The Noida Authority organized a meeting with numerous real estate developers to address this critical issue. Notable attendees included representatives from Mahagun, Imperial Housing, Supertech, Prateek Realtors, Aims Max, Antriksh Developers, and Sikka.
Three-Month Deadline and Support Measures
The authority has imposed a three-month deadline on the developers to complete the pending registrations. To facilitate the process, they will conduct special camps in collaboration with the revenue and tax departments. Furthermore, recognizing the financial burden on developers, the Noida Authority has announced that developers can pay their dues at the time of apartment registration instead of making immediate payments.
During the meeting, the authority emphasized the urgency of the matter, stating, “Builders need to complete paperwork in March. The Real Estate Regulatory Authority (RERA) was also asked to take the necessary measures in this regard.”