TRENDING TAGS :
Key Considerations for Investors in Greater Noida and Noida
Explore vital considerations for real estate investors in Greater Noida and Noida, covering policies, developer credibility, and timely project completion.
As more than 6500 apartments gear up for registration under the 2023 realty policy, investors need to tread carefully. Here's a comprehensive guide to navigate the intricacies and seize the potential opportunities.
The Uttar Pradesh government's realty policy has paved the way for the registration of over 6500 apartments in Greater Noida. Developers, grappling with stalled projects, are set to pay ₹350 crore to clear their dues and obtain permissions for the long-awaited registries.
Investor's Checklist: 7 Key Insights
Developer's Reputation: Scrutinize the developer's track record, ensuring a solid reputation for project approvals and timely completion.
Policy Understanding: Grasp the nuances of the realty policy, particularly the waivers on penal interest and benefits during construction disruptions.
Project Approvals: Verify project approvals meticulously to avoid future legal entanglements and ensure a smooth investment journey.
Timely Completion: Assess the developer's commitment to timely project completion, mitigating risks associated with construction delays.
Government Deal Acceptance: Developers opting for the government deal indicate a positive stride, offering insights into the project's financial health.
Investment Caution: Exercise caution by researching thoroughly, considering market trends, and seeking expert advice before committing to investments.
Allotment Cancellation: Understand the authority's power to cancel allotments of defaulting developers, providing a safeguard against unreliable projects.
Waivers on penal interest for two years, covering the Covid-19 period and construction disruptions.
Developers agreeing to pay 25% of total dues become eligible for apartment registries.
Authority empowered to cancel allotments and blacklist defaulters for five years in Noida, Greater Noida, and Yamuna Expressway.
The Numbers Game:
57 stalled housing projects in Noida with 32,000 units and ₹8,000 crore dues.
96 stalled projects in Greater Noida with 75,000 units and ₹5,500 crore defaulted dues.
Investors can anticipate the completion of the registration process within one or two months, heralding a new era for the stagnant real estate projects. The authority, backed by committees, is actively pursuing developers to clear dues and obtain registry permissions.
While Greater Noida developers show enthusiasm in clearing dues, Noida faces resistance from major developers with dues exceeding ₹100 crore. The authority issues an ultimatum, urging compliance with the new policy or facing consequential actions.
This empowers investors with insights and precautions, ensuring a well-informed approach to capitalize on the emerging real estate opportunities in Greater Noida and Noida. As the registration process unfolds, strategic decisions guided by policy understanding and market awareness will be the key to unlocking the full potential of real estate investments in this dynamic landscape.