Noida to allow floor-wise registration of houses on residential plots
Noida residents who own plotted houses or independent bungalows will soon be able to get floor-wise registration of flats built on residential plots. Cities like Delhi and Ghaziabad already allow floor-wise registration in most of their areas.noida Updated: Nov 03, 2018 11:51 IST
Noida residents who own plotted houses or independent bungalows will soon be able to get floor-wise registration of flats built on residential plots.
In its 195th board meeting, Noida authority approved a proposal that seeks to allow floor-wise registration of flats built on residential plots.
Under current rules, a property owner executes registry of a plot along with the building built on it. This means that the plot’s owner has the title of the land and building which may have anywhere between one to four floors.
If the aforementioned proposal gets cleared from the Uttar Pradesh government, then Noida authority will start allowing the registry of each floor under the name of a different owner.
Cities like Delhi and Ghaziabad already allow floor-wise registration in most of their areas.
The Delhi government had formalised the policy for floor-wise registration of builder flats when it introduced circle rates in 2007. Prior to 2007, properties were registered floor wise, but there were no rules available. Circle rates were introduced to simplify assessment of stamp duty and make the property registration process more transparent, simple and efficient.
“As per the board meeting proposal, we will now seek objections from residents on the issue of floor-wise registry. After getting the objections, we will send a detailed proposal to the UP government for the final approval. Once we get the approval, we will start allowing floor-wise registration,” said Alok Tandon, chief executive officer, Noida authority.
Under current rules, for example, if someone owns a residential plot on which they build four floors, then only the plot’s owner has the single property title, which includes ownership of all floors built on it.
“Once floor-wise registry is allowed, then different persons can get separate registries for each floor built on the property. In Noida, as per building by-laws one can construct as many as four floors on a plot. And after approval of state government, one will be able to execute separate registries of each floor,” said Ashok Mishra, architect and town planner, Noida authority.
Officials said that the move will make easier for a family to divide a property among sons or daughters. “Even the sale of individual floors will become easy. If one building owner, who had four floors on their property, wants to sell two floors and retain two, they can do so once the proposal is cleared,” said Mishra.
INFLUX OF PVT BUILDERS EXPECTED
Urban town planners, however, said the floor-wise registry will put additional burden on city’s infrastructure such as drainage, sewage, water facilities and other civic amenities as private builders are expected to flood the real estate market.
“Private builders will start developing separate floors on the city’s plotted developments. It will create parking mess, choke sewage network and create other civic problems as population will increase with this move,” said Atul Gupta, urban town planner and president of Noida Architects Association.
There are total 30,000 residential plots in Noida ranging in size from 40 square meters to 500 square metres.
“Once the floor-wise registry of these 30,000 residential buildings is allowed, it is bound to create issues such as parking crisis, requirement of more drinking water and more capacity for drainage and sewage network. But Noida authority is yet to plan out the ways to tackle these issues, which are likely to arise as a result of the move,” said a Noida authority official, who did not wish to be identified.
The move comes a day after officials said the authority said it wants to convert the property status from leasehold to freehold.
“It can be good news for those who want to buy a floor instead of a flat and also for those families who want to divide their properties floor-wise. Now family members who own a building can get titles of individual floors. But the major problem is that civic facilities created for one family will crumble. The authority needs to consider this aspect before going ahead with the plan,” said Suresh Garg, member of confederation of real estate developers association of India (CREDAI), a builders’ body.
Real estate consultants said the move is likely to make a huge impact on Noida’s property market.
“As of now only people with larger budgets can afford plotted houses. But with floor-wise registry, buyers with small budgets will now be able to afford floors in plotted sectors. Noida can become like Ghaziabad’s Vasundhara, Vaishali or Indirapuram, where parking is a mess and there are a host of other civic issues in plotted areas,” said Ashok Shrivastava, a real estate consultant.
First Published: Nov 03, 2018 11:46 IST