Noida to allow flat registry in partly finished projects
The Noida authority has decided to allow registry of flats in partly completed residential projects. Rama Raman, chief executive officer (CEO) of the Noida authority, approved this change under pressure from homebuyers who have started protesting against the undue delay in handover of flats.Updated: May 07, 2016 23:14 IST
The Noida authority has decided to allow registry of flats in partly completed residential projects. Rama Raman, chief executive officer (CEO) of the Noida authority, approved this change under pressure from homebuyers who have started protesting against the undue delay in handover of flats.
A realtor will now be able to obtain occupancy certificate (OC) for a small portion of a big residential project, enabling buyers of the completed part to get their registry done. The OC and registry are interlinked -- a buyer can do registry only after the realtor obtains OC from the Noida authority.
Earlier, the authority was not issuing OCs for residential projects as the realtors had failed to pay land dues. The changes were approved on Friday and now the realtors will apply for OC from Tuesday under the new rule.
“A builder can now pay land dues for a small part of the residential project. And he will be able to benefit buyers, who have flats in that small part of the project. The authority will issue OC in proportion to the funds a realtor has deposited for land on which the residential project is developed,” said Vipin Gaur general manager (group housing), Noida authority.
Officials say the move will benefit nearly 30,000 to 40,000 homebuyers, who are waiting to get registry done for past three to four years despite paying the total cost of the flat.
Realtors have welcomed the move as it will enable them to address buyers’ woes.
“The move will benefit thousands of homebuyers who have paid 100% for flats and still are unable to register the property. Realtors, who were failing to pay land dues, can get OC for a portion of a project. It was badly needed in some cases,” said Amit Modi, director of ABA Corp and vice-president of CREDAI (Western UP).
Buyers said it is to be seen how the changes will impact them.
“I had paid the total flat cost in 2013 and am still waiting for the registry to be executed as the realtor does not have money to pay total land cost to the Noida authority. Many buyers, like me, are facing problems for the fault of builder. Let’s see how the new move will benefit us,” said Sumit Kumar, who bought a flat in Sector 119.