Hundreds of homebuyers often wait for years just to complete the last step of owning their dream homes. For many residents in Noida and Greater Noida, that step is the registration of their property. A recent development has finally brought relief to some of them.
The dues were related to two residential projects. One is Paramount Emotions in Greater Noida West and the other is Paramount Floraville in Sector 137, Noida. Around ₹26 crore was paid to the Greater Noida Authority for Paramount Emotions. Nearly ₹80 crore was deposited with the Noida Authority for Floraville.
These payments were made under the settlement scheme introduced by the Uttar Pradesh government to resolve long-pending issues in stressed housing projects. The system was planned to help a number of developers to clear their pending dues so that homebuyers do not need to suffer from legal and financial complications.
About 135 flats were affected in total and out of these, 35 homes are in Paramount Emotions, while the remaining 100 flats are part of Paramount Floraville. Both projects were launched around 2010 and many families have already been living in these communities for years. Most buyers in these projects had completed their property registries earlier. Only a small number of flats remained stuck.
The reason was that some dues to the authorities had not been cleared because of that, so the registry process for these homes could not move forward. With the payments now made, the authorities can issue the required clearances. For the affected buyers, it finally means one thing. Their homes can now be officially registered in their names.
Source: (The Times of India)