Builders are requested to provide a payment plan for the authorities in Noida and Greater Noida.

On July 15, officials from the Noida and Greater Noida government, private developers, and homebuyers met to address the deadlock over delayed flat registration.

The conference was presided over by Sanjiv Kumar Mittal, the state’s infrastructure and industrial development commissioner.

The developers representing Credai and Naredco were requested to submit a new payment plan to the two authorities during the meeting. For quite some time, the stakeholders have been debating the problem of delayed flat registration. The July 15 meeting was the third in seven months to break the impasse.

The deadlock is about the rate of interest imposed on developers by the two bodies for late payments. While the government has agreed to an 11% interest rate compounded every six months, the builders refused to pay the amount.

As a result, the authorities have stalled the registration of units, putting purchasers at a disadvantage. The case has made its way to the Supreme Court.

“While we await the Supreme Court’s decision on interest payment, we will develop a policy after seeking legal advice. In the interim, developers have been urged to come up with a payment plan,” Mittal added.

The developers will submit a new payment plan to the authorities in the coming days. “Our prior representations have not been accepted by them. However, we have received assurances from the commissioner that a resolution would be reached soon,” said RK Arora, President of UP Naredco.

According to officials, the builders would compute the land price and interest separately. The land premium will be determined based on the period of allocation, while the interest component will be calculated at the rate of 8% simple interest.

Until the Supreme Court rules on the interest rate, the developers have urged Mittal to enable the registration of units in accordance with the amount they pay. Buyers who have been stranded for years have demanded that the state government help immediately. “We’ve been hearing about a solution for the past year and a half. However, little has changed on the ground. Nobody has shown any commitment to fixing the issue,” Dinbandhu Nayak, a buyer of the property at Civitech Stadia in Sector 79, said.