In a much-awaited move that has brought relief to thousands of homebuyers, the Greater Noida Industrial Development Authority (GNIDA) has announced a six-month penalty waiver for the registration of flats in projects that have secured partial occupancy certificates (OCs). This decision comes in response to mounting pressure from homebuyers’ associations who argued that penalties were being levied unfairly due to delays in project completion by developers.
The penalty waiver is expected to benefit an estimated 40,000 flat owners across approximately 60 projects in the region. Homebuyers will now have until January 2024 to complete their flat registrations without incurring additional charges. This extension provides a crucial respite for homeowners who have already borne the burden of stamp duty payments while grappling with delays in obtaining complete occupancy certificates.
GNIDA’s decision is seen as a proactive step towards addressing the concerns of homebuyers and fostering a more conducive environment for the real estate sector in Greater Noida. By alleviating the financial pressure on homebuyers, the authority aims to boost confidence in the region’s property market. While the waiver is a temporary measure, it signifies a positive shift in the authority’s approach to addressing the challenges faced by homebuyers.
