Key Takeaways
- 35,000 Noida flat registries to be cleared after builder crackdown
- 13 builders face action for not paying 25% minimum dues
- 18,000 buyers already benefited from partial payment scheme
- Authorities prioritize home buyer interests in enforcement actions
Registry Relief for 35,000 Noida Home Buyers
In a major breakthrough, Noida and Greater Noida authorities have launched a decisive crackdown on builders with unpaid dues, finally moving forward with long-stalled flat registrations for approximately 35,000 home buyers.
Thousands of families who have been living in their homes without legal ownership for years can now expect relief as authorities act on the recommendations of the Amitabh Kant committee.
Builders Face Enforcement Action
The Greater Noida Authority Board has initiated proceedings against 13 construction firms that failed to deposit even the minimum 25% of their outstanding dues. This payment is essential for permitting flat registries to proceed.
Prominent defaulters include:
- AVJ Developers (Sector Beta-II)
- Elegant Infracon (Techzone-IV)
- Interiksh Engineering (Sector-1)
These builders’ continued non-compliance has kept thousands of home buyers in legal uncertainty despite having possession of their properties.
Committee Recommendations Bring Results
The committee headed by former NITI Aayog CEO Amitabh Kant, which submitted its recommendations in 2023, provided a framework for resolving stalled real-estate projects. The partial payment scheme allowed builders to resume registries upon paying a portion of their dues.
The initiative has already shown significant success, with 85 out of 98 builders complying and enabling over 18,000 buyers to finally register their homes.
National Real Estate Crisis
This situation reflects a broader national problem in the real estate sector. Government data reveals that approximately 4.12 lakh home buyers are trapped in insolvent projects across India, with banks having an exposure exceeding Rs 4.1 lakh crore in such stalled developments.
The Central government has announced plans for new legislation to protect home buyers, ensuring that during insolvency proceedings, only buyers, banks, and creditors benefit—not errant promoters.
As enforcement actions intensify in Noida and Greater Noida, thousands of families who have waited years for legal ownership of their homes may finally see resolution.
