Yeida to issue registry permission for 10k apartments

GREATER NOIDA: The Yamuna Expressway industrial development authority (Yeida) has decided to issue registry permission for at least 10,000 apartments in nine stalled housing projects, as the promoters have agreed to clear their land cost dues, the authority’s officials said on Sunday.

Yeida chairman Anil Sagar and CEO Arun Vir Singh held a meeting with the nine developers on Friday, whose projects will get the permission for the apartments’ registry.

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The nine developers have given the consent that they will pay the financial dues to obtain the permission for the registry of the apartments, he said.

“At least 10,000 homebuyers will get the registry done in their respective stalled housing projects. Now as they have given their consent, they will start paying the dues and start executing the apartment registries done,” said the Yeida CEO.

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Uttar Pradesh chief minister Yogi Adityanath, under his government’s campaign to address the homebuyers’ plight, approved a “stalled legacy housing project” on December 21, 2023, offering waivers on interest and penalties, the officials said.

He directed the Noida authority to set up the camps so that the homebuyers can execute sub-lease deeds with ease without having to go the registry office, they added.

Once the realtors will pay the dues and process formalities, the Yeida will begin setting up the camps right in the housing projects so that the buyers can execute their registries.

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And if the developers will not opt for this scheme (December 21, 2023) of payment of the 25 percent out of total dues, and then pay remaining maximum in three years, the authority either will cancel the allotment and take over the project, or it will seize the commercial part of the project and then recover the dues to allow the registry to the homebuyers suffering for so long, said officials.

If any developer will not use this scheme, the authority will impose 20 percent of the project as penalty and then ban the defaulter realtor for next five years from working in the state.