Even though many buyers paid builders years ago, they still can’t truly call these places their own, sell them, or sometimes even move in.
The main issue is that without a legal registry, these flats are worth much less on the market. Families are finding it impossible to sell their homes or get loans, missing out on the profit they should be seeing as prices in Noida go up. To make matters worse, some are stuck paying both rent and home loans because they can’t legally own the property yet.
There was some hope earlier when a new policy was introduced to help finish these stalled projects. At first, about 4,400 people managed to register their homes. However, things have ground to a halt again because builders haven’t paid the money they owe to the local authorities.
This issue is hitting people in many parts of Noida, especially in Sectors 45, 50, 61, 70, 75, 76, 77, 78, 93B, 107, 108, 137, 143 and 168. These were popular spots where regular families and investors put their money, hoping for a bright future and a good return on their investment.
The projects involved include those built by companies like Omaxe Group, Imperial Housing, Nexgen Ifacon, Laureate Buildwell, Gulshan Homes, Skytech Construction, Sunworld Residency, Gardenia Shelters, JM Housing and Prateek Buildtech. Right now, thousands of families in these buildings are left in limbo, not knowing when their financial and legal headaches will end.
Officials say they have sent out warnings to builders who haven’t paid up. Buyers are worried that if the builders and the Authority don’t settle their fight soon, families will be left waiting for years, unable to fully use or benefit from the homes they worked so hard to buy.
