Good news for those homebuyers who are waiting for the possession of their dream home in Noida and Greater Noida! The district administration has been planning to allow property registration even if the project has not received NOC from the Authority through an ‘agreement to sub-lease’ between the builder and buyer. The planning has been done keeping in mind the festive season during which many buyers wants to shift into their new home.
According to a district administration official, the above plan was discussed in a meeting between officials of the district administration and the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) a few days back.
Giving more information on the development, BN Singh, DM Noida, said, “Many projects in both Noida and Greater Noida are ready for possession. However, due to non-completion of some dues, the authority has not still issued them a NOC. Because of this, homebuyers are left in the lurch,”
He further informed that to help such buyers, a tripartite agreement will be signed between the builder, buyer and the Noida Authority wherein a 5% stamp duty will be charged and the flats will be registered via a sub-lease. After getting NOC and completion certificate from the Authority, the administration will issue a final registry certificate with Rs 50 stamp duty.
“However, the authority will inspect the project before signing the agreement to stop any fraud. This will help only genuine developers getting the CC.” added RK Singh, OSD to Noida Authority.
As per the current norms, after completing the project and before possession, a builder needs to apply for occupancy certificate and NOC from the authority. Once all the dues are clear, the buyer can go ahead with the registry or the tripartite agreement between the builder, owner, and authority to sub-lease the property.
Welcoming the move, Vishal Gupta, Vice President-North at the Confederation of Real Estate Developers Association of India (CREDAI) said, “With the onset of the festive season, this is perhaps big news for customers who are still waiting to get the possession of their homes.”
In another development, the Noida Authority has also decided to issue occupancy and completion certificates online from today onwards.
Informing on the above, Ritu Maheshwari, CEO, Noida Authority said, “The portal can be accessed from the Noida Authority website as well as the Nivesh Mitra website which is a single-window system for investors in Uttar Pradesh. The online system will enhance transparency and bring work efficiency.”
With this portal, a developer can now apply for both Occupancy and Completion certificates online by paying a processing fee. Once the application is submitted, the authority will issue date and time for the site inspection. On successful completion of this procedure, a report will be prepared and uploaded on the portal which can be easily viewed by the builder. Moreover, any compounding charges on the property can also be paid online. Once the procedure will complete, the authority will issue a digitally signed certificate to the developer.