The 400-odd flat owners of the Commonwealth Games Village can look forward to some good news this Diwali. The registration of these properties, which had got delayed due to indecision on the rates to be applied, has finally started.
These owners had bought the flats at the games village much before the 2010 CWG had begun. However, they started getting possession of their flats only a few months ago because the developer, Emaar MGF, didn't get a completion certificate from the Delhi Development Authority (DDA).
Once they got possession, they couldn't get their property registered as there was confusion over the rate at which the registration charges would be fixed. The circle rate -the minimum amount at which a property can be registered -for east Delhi is much lower than the amount at which these flats were sold. Also, the rates at which the developer sold the flats initially is very low compared to the rates at which DDA auctioned some flats recently.
"The registration of the CWG village flats has started. Since the prevalent circle rate of the area is pretty low, the final rate for registration has been fixed keeping the market rates in mind," said a senior Delhi government revenue official.
"Registration has been done for 17 flats and 11 owners have also got their documents back," said Shalabh Tandon, executive committee member of the CWG flat buyers' association. "Since the circle rate is only around Rs. 7,000 per square feet, the rate for registration has been calculated on Rs. 12,000 and above as most of us had bought the flats at around Rs. 11,500," he said.