With an aim to ensure transparency in transactions, the Noida authority has decided to upload details of realty projects on its website for homebuyers’ use.
The objective of uploading details online about each under-construction or new realty project is to help homebuyers exercise due diligence before buying a property in Noida, officials said.
Homebuyers have been long demanding for transparency and details of realty projects’ details online on the authority website. But under pressure from the builders’ lobby, the authority and the state government did not upload the project-wise details online. Thousands of homebuyers in Noida and Greater Noida have been cheated by the builders, who are not in a sound financial position to deliver housing projects.
After meeting a delegation of homebuyers on May 1, the Noida authority chief executive officer Amit Mohan Prasad decided to upload details on the authority website. However, he is unsure whether the financial details will be made available.
“I have decided to upload details of housing projects on our website. These details include approved building map of a housing project, the exact number of flats approved, complete layout detailing of the green area, club and parking capacity,” said Prasad.
Prasad said he will sit down with his staff and prepare a plan on how and when the details will be uploaded.
On asking if the authority will also put financial defaults of a builder online, Prasad said, “We will see if we can do that. We have not taken a decision if we will provide the details of defaults that a builder has against the housing land that the authority had allotted. But we want to maintain transparency so that homebuyers are not cheated at the hands of the builders.”
On September 6, 2016, the Greater Noida authority had made defaulting builders’ names public on its website. But on September 14, 2016, the authority had taken off the defaulters’ list from its website.
The list was taken off the website after banks refused to give loans to the builders named in the list. Unlike the Greater Noida authority, the Noida authority never uploaded builders’ project details online.
The Noida, Greater Noida and the Yamuna Expressway authorities together need to recover Rs25,000 crore from defaulting builders.
Once the real estate regulatory authority (RERA) is formed and implemented in the state, it will become mandatory for each developer to share all professional details and financial background online for homebuyers’ use.