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At least five real estate developers have received permission for executing registries of 1084 apartments in Noida. Two more will pay dues in the coming days
Experts feel that the judgment increases the scope of recoveries for homebuyers significantly in cases where the developer goes absconding or is undergoing insolvency
The rehabilitation package was recommended by the Amitabh Kant panel set up for the purpose and will benefit homeowners of close to 1.2 lakh units that have been given for possession but not registered. Once builders pay the initial 25 percent, the authorities will allow registries of flats that have been delivered but are yet to receive OCs.
"Total original cost of implementation of the 1,831 projects was ₹25,10,577.59 crore and their anticipated completion cost was ₹29,50,997.33 crore, which reflects overall cost overruns of ₹4,40,419.74 crore (17.54 % of original cost)," the ministry's latest report for November 2023 said.
Experts say that the zero period waiver on interest and penalties imposed on developers for financial defaults is also a positive development for various stakeholders in the NCR real estate sector.