Greater Noida residents protest over flat registration delay
Residents say the main obstacle is the fact that the Greater Noida Authority will not allow registration if builders do not clear outstanding dues.
3 min read
Protesters assembled at Ek Murti Chowk on Sunday Residents of Greater Noida took to the streets Sunday to protest against delayed flat registries in the city and to highlight issues faced by them.
Protesters from about 35 residential societies assembled at Ek Murti Chowk carrying posters with slogans such as #KabHogiRegistry. Residents say the main obstacle is the fact that the Greater Noida Authority will not allow registration if builders do not clear outstanding dues.
Abhishek Kumar, president of an owners’ welfare association, claimed the issue has been dragging on for many years with no end in sight. “Approximately 50,000 residents are affected because of this and it has been a problem for six-seven years now. We are caught between the Authority and builders.”
He added, “There are many problems if one’s flat is not registered. If you have obtained a home loan in a private bank with higher interest, you cannot transfer it to a low-interest state-owned bank until the registry is completed. If you want to sell it, then the lack of registry also becomes a problem. It is also difficult to get your flat insured.”
Raj Kumar, a resident of a Greater Noida society, agreed. “I have been facing this issue for four years. For a property of Rs 28 lakh, I have paid all my dues. I have paid up to Rs 35 lakh for parking and other matters. When we have cleared all dues, and builder has some payment issues with the Authority, why should we suffer?”
A Greater Noida Authority official said the issue was being looked into, and that a proposal to reschedule due payments would be tabled on December 28, when the Greater Noida Board meeting is scheduled.
Meanwhile, builders said the dues they will have to pay following the recent Supreme Court judgment, which will now be calculated with an interest rate of 15-23% from the earlier 8%, will negatively affect the real estate sector. The apex court, in an order last month, had recalled its 2020 order prescribing a lower interest rate for builders in cases of payment owed to Noida and Greater Noida authorities.
A review petition filed by the Confederation of Real Estate Developers Association of India (CREDAI) is set to be heard on January 19. According to Gaur Group promoter and CREDAI NCR President Manoj Gaur, “With the local real estate sector going through an extremely tough phase, the present demands… will have a devastating effect. We at CREDAI can foresee multiple economic downturn effects due to the immediate implementation of this order.”
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