Noida Authority Lifts Ban on Sports City Projects, Offers Relief to Homebuyers
Consortium of realtors working on plan for ‘Sports City’ projects
Hindustan Times
Image: Hindustan Times
The Noida Authority has lifted a ban on registry and approvals for the Sports City project, enabling realtors to submit revised plans for three sectors. This decision is expected to benefit around 15,000 homebuyers who have faced delays for over five years in executing registries and completing housing units.
- 01Noida Authority lifted a ban on registry and approvals for Sports City projects.
- 02Three sectors (79, 151, and 152) will see revised plans submitted by realtors.
- 03Around 15,000 homebuyers will benefit from the decision.
- 04The move aims to resolve delays that have persisted for over five years.
- 05Developers are optimistic about the positive impact on Noida's real estate market.
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The Noida Authority has recently lifted a ban on registry and approval processes for the Sports City project, which includes developments in sectors 79, 151, and 152. This decision allows a consortium of realtors, including ATS Homes, Logix Infra, and Xanadu Estate, to prepare revised plans for the remaining projects. The move is anticipated to bring relief to approximately 15,000 homebuyers who have been unable to execute registries and mortgage units for over five years. Krishna Karunesh, CEO of the Noida Authority, stated that the resolution plan for the SC-02 plot in Sector 150 was accepted following a Supreme Court order, which also led to the lifting of bans imposed in 2021. The developers are now required to submit layouts detailing developed and undeveloped sports facilities alongside housing towers. This initiative is expected to create a positive sentiment in Noida's real estate market, as expressed by various stakeholders, including Dinesh Gupta, president of the Confederation of Real Estate Developers Association of India (CREDAI) for western Uttar Pradesh. The completion of these projects will address long-standing grievances faced by homebuyers and potentially recover significant revenue for the Noida Authority.
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This decision will enable homebuyers to finally execute their registries and complete their housing units, significantly improving their living conditions and financial situations.
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