Yeida move helps homebuyers in registration of flats

GREATER NOIDA: The Yamuna Expressway industrial development authority’s (Yeida) move to tweak rules to allow registration of apartments has started benefitting homebuyers who waited for title transfer for many years

GREATER NOIDA: The Yamuna Expressway industrial development authority’s (Yeida) move to tweak rules to allow registration of apartments has started benefitting homebuyers who waited for title transfer for many years. In August 2022, the Yeida allowed the registration of apartments even if the realtor fails to obtain no dues certificates from the authority.

Yeida move helps homebuyers in registration of flats

However, the homebuyers were told that they will have to clear all financial obligations, including a hiked compensation component to farmers.

“At least 70 apartment owners have completed the registration of their respective flats in a housing project. Also, many homebuyers have already paid compensation to farmers to become eligible for registration of their flats. We decided to relax the rules so that homebuyers do not suffer and get their flats registered before moving into it,” said Arun Vir Singh, chief executive officer (CEO), Yeida.

So far, at least 91 homebuyers of ATS Allure project have paid compensation to farmers, out of which 70 have got their flat registration done. ATS Allure’s 91 buyers have paid ₹17 crore amount so far as compensation to farmers.

Yeida hopes that homebuyers from other housing projects will also complete the registration of their flats by taking benefit of the scheme.

ATS Allure is spread over eight acres of land in Sector 22D along the Yamuna Expressway. The housing project was launched in October 2013, and was completed in September 2019. It has around 1,100 units and obtained only a partial completion certificate from Yeida.

According to rules, Yeida allows registration of flats only if the realtor obtains occupancy certificate after getting multiple certificates such as fire NOC, financial no dues from the authority and environmental clearance, etc. In August, Yeida annulled the important requirement of obtaining ‘financial no dues’ because the realtors are yet to settle financial dues as they wait for a final verdict from the Supreme Court on the issue.

“Yes, some homebuyers have got their registration done and the remaining ones will complete their registration soon,” said Getambar Anand, chairman and managing director, ATS Infrastructure and former national president of the Confederation of Real Estate Developers’ Associations of India (Credai), a realtors’ group.

There are at least 13 realtors in the authority area and around 7,000 homebuyers who will benefit from the move, said Yeida officials.