Authority may waive penalty on property registration
Around 3, 000 flat owners living in group housing societies may get relief as the Noida authority has indicated that the penalty levied on them for not getting their flats registered on time may be waived. Vinod Rajput reports.india Updated: May 29, 2012 23:50 IST
Around 3, 000 flat owners living in group housing societies may get relief as the Noida authority has indicated that the penalty levied on them for not getting their flats registered on time may be waived.
A final decision to waive off the penalty will be taken in the upcoming Noida authority board meeting scheduled next month.
The authority levies a penalty of Rs 100 per day on a person who fails to register his property — flat or plot.
Some residents had moved the Supreme Court over the penalty issue last year, after which the court ordered that all defaulters could get it done latest by January 25. But even after the deadline, 3,000 residents have not complied with the order.
Non-registration of properties means huge revenue loss to the authority.
The authority will earn a revenue of more than Rs 1,500 crore once the entire pending registries are done.
"We have drafted a proposal regarding the same. It will benefit both the property owners and state exchequer, if approved. Defaulters evade registering their properties fearing penalty. As a result, registration of many properties is pending,” said Pramanshu, additional chief executive officer (ACEO), Noida authority.
The authority officials discussed at length how the pending registries were affecting the state government (revenue-wise) and property owners.
“Most of the residents are those, who had purchased flats in group housing societies and have not got their properties registered,” said another official.