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Noida Authority Allows Flat Registry In Proportion To Land Cost Already Paid.

Courtesy/By: Snigdha Kashyap | 19 Jul 2018

In order to help homebuyers whose flats have already been delayed, Noida authority has decided to allow the registry of flats in proportion to the land cost already paid by a builder.

This came as a much sought relief for the homebuyers whose flats have been delayed.It means that a ready housing project will now be eligible to get an occupancy certificate (OC) without which a person cannot sought registry.However the Authority will issue only when the builder has completed all the common facilities including lifts, gym, swimming pool, parking area, sewage treatment plant etc.

Supposedly if a builder has paid Rs 60crore of Rs 100croreland dues, then authority will only deduct 10% i.e Rs 6 crore of Rs 60crore and allow registry of flats in proportion to Rs 54 crore. The remaining flats will be registered when the remaining dues will be paid.

"This new scheme will benefit thousands of homebuyers and will allow builders to obtain OC for their respective projects thereby allowing registry of flats. This scheme will start from first week of July and several builders are already enquiring about it," Ashok Kumar Shrivastava, additional chief executive officer, Noida authority said.

Courtesy/By: Snigdha Kashyap | 19 Jul 2018