Noida news: 42 realtors to clear dues, allow registry of stalled housing projects

The Noida authority confirmed that 42 out of 57 realtors have agreed to pay dues in stalled housing projects by May 12, 2024. Residents can register flats within 90 days of payment. At least 15 realtors have paid dues and received permission to register 1,400 apartments.

Livemint
First Published12 Apr 2024
The current market size of Indian real estate is  <span class='webrupee'>₹</span>24 lakh crore
The current market size of Indian real estate is ₹24 lakh crore (HT_PRINT)

In a major relief to homebuyers, the Noida authority has confirmed that 42 of the 57 realtors in Noida have agreed to pay their respective dues in stalled housing projects. 

The authority directed the realtors to pay the dues by May 12, 2024, as per the Hindustan Times report.

This means that residents who have been waiting for long to register their flats could do so within 90 days from the payment date.

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In December 2023, the Uttar Pradesh government asked the Noida development authorities to register within 90 days all flats that were mired in legal cases.

Under the UP government policy, registration of stalled flats could start after the builder paid 25% of the dues, with the remaining 75% to be paid in the next one to three years.

Until April 9, 15 relators paid dues and had got permission to register 1,400 apartments.

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The HT report mentioned that Paramount Propbuild Private Limited paid 8.10 crore for their housing project in Sector 137; Omaxe Buildwell Limited paid 11.45 crore as 25% dues; PAN Realtors Private Limited in Sector 70, Noida, paid 4 crore out of total dues of 37.69 crore; and SDS Infratech Private Limited paid 9 crore out of 18.43 crore dues in its project located in Sector 45.

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According to the Confederation of Real Estate Developers' Association of India (CREDAI), Indian real estate will have a significant impact on the Indian economy in the coming years.

According to a report by CREDAI, the real estate sector is estimated to reach a market size of $1.3 trillion by 2034 and $5.17 trillion by 2047.

The current market size of Indian real estate is 24 lakh crore, of which 80% is of residential segments. CREDAI has projected that there will be seven crore units of additional housing demand by 2030.

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