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Noida authority to hold camps for registering flats

In three months, the Noida Authority will hold camps in housing societies to help homeowners register flats that had not been transferred from realtors
PUBLISHED ON MAR 03, 2021 11:23 PM IST

In three months, the Noida Authority will hold camps in housing societies to help homeowners register flats that had not been transferred from realtors.

It directed realtors to ensure all documents were ready from their end.

In Noida, all properties, be it a flat or a plot, are leased for 90 years. The flat is transferred under a tripartite lease-deed between the realtor, buyer and the Noida Authority.

According to the authority’s, there are around 20,000 occupied units without the lease-deed. The Uttar Pradesh government on March 1 directed the Noida Authority to execute the lease-deed. The delay had already cost the exchequer, and homeowners who had been living in the units for at least five years did not have title documents.

“The authority has directed the realtors to set up the camps at their respective premises. We will provide all support in this regard,” said Rajesh Kumar officer on special duty of the Noida authority.

Homeowners will need to ready stamp papers, allotment letter and their Aadhar number.

On Wednesday, the authority’s chief executive officer (CEO) Ritu Maheshwari met with officials of eight prominent developers. She asked them to prepare for the camps and also directed them to clear all dues owed to the authority to become eligible to execute the lease-deed.

But the confederation of real estate developers association of India (Credai) said the onus was on the authority in this regard.

“Developers cannot clear the dues until the Noida authority implements the Supreme Court order that directed it to charge only 8.5% interest on dues. That has not happened so far,” said Prashant Tiwari president of Western UP chapter of Credai and promoter of Prateek Group who had met Maheshwari in the meeting.

The Noida authority has appealed in the Supreme Court against its order and the hearing is scheduled for June 6

Then there is the issue of stamp fee. The authority, during the meeting, allowed developers to execute a sub-lease if they were not able to clear the dues to it in one go.

“We are ready to execute the sub-lease,” said Amit Kumar, executive director of AIMS Max Gardenial Developers Private Limited, who was also part of the meeting with Maheshwari. “But the homeowners do not want to execute it to evade the stamp fee (which is 7% the sale amount). We have requested the authority to issue notices to homeowners so that they come forward to execute the deed.

“The authority and the UP government have tried to get the sub-lease deed done in the past too. But the developers do not pay the financial dues delaying the execution of the flats and buyers continue to suffer,” said Abhishek Kumar president of Noida Extension flat owners’ welfare association.

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