Greater Noida Authority May Extend Relief on Flat Registration Penalties

                
Noida: GNIDA is likely to extend the penalty 
waiver for homebuyers unable to register their 
flats due to developers' outstanding dues, for 
another six months, in its upcoming board 
meeting.
Introduced in July 2024 for a six-month period, 
the waiver has already benefited over 6,500 
homebuyers, each receiving a waiver of 
penalties ranging from Rs 2 lakh to Rs 2.5 lakh.
According to officials, the initiative encouraged 
more property registrations and helped reduce 
legal disputes. "Since the implementation of 
the govt's policy for stalled projects in Dec 
2023, over 11,500 registries were executed, 
and out of these, 6,500 homebuyers availed 
the penalty waiver benefits," said Saumya 
Srivastava, OSD at GNIDA.
The Noida Extension Flat Owners' Welfare 
Association (NEFOWA) and other homebuyer 
groups have urged GNIDA to extend the 
scheme, citing financial constraints faced by 
many 
buyers. "Many homebuyers are eager to 
complete their registries but are struggling to 
arrange funds. They should be given more time 
to deposit the registry amount, and we are 
hopeful that the Authority will consider our 
request," said NEFOWA president Abhishek 
Kumar.

The relief was initially introduced to assist 
nearly 40,000 homebuyers across numerous 
stalled projects. Despite receiving occupancy 
certificates many buyers were unable to 
execute 
their registries due to their developers' failure 
to clear dues, leaving them without legal 
ownership of their flats.
Previously, in 2018, GNIDA granted a similar 
waiver, allowing buyers to register their flats 
without penalties. However, those whose 
developers had outstanding dues were still 
barred 
from completing the process. Once the relief 
window closed, these buyers faced daily 
penalties—Rs 50 for flats under 100 sqm and 
Rs 100 for larger homes—resulting in 
accumulated 
fines of Rs 2 lakh to Rs 2.5 lakh per buyer.
The issue gained further attention in Dec 2023 
when the Uttar Pradesh govt introduced a 
rehabilitation policy for stalled projects. Under 
this policy, 78 builders in Greater Noida availed 
benefits under a "zero-period" waiver on 
interest and penalties accrued during COVID, 
provided they paid 25% of their recalculated 
dues upfront.
In early 2024, homebuyer groups petitioned the 
authority to waive these fines. Following 
discussions at a board meeting in June 2024, a 
six-month penalty waiver was approved, 
which was in effect from July 22, 2024, until 
Jan 31, 2025.
With thousands of buyers benefiting from the 
relief but many still unable to gather the 
necessary funds, the upcoming board meeting 
will determine whether the waiver will be 
extended.

Source : Times of India