Sub Lease Agreement
Img : hindustantim

Good news for Noida, Greater Noida flat buyers who are yet to receive their occupancy certificates from their respective builders. In order to save them from legal hassles, the Gautam Buddh Nagar administration has suggested signing an ‘agreement for sublease’ between them so that they can make their ownership partially legal.

This move will save around 50,000 home buyers and will also help the state government to recover over 1300 crore of stamp duty.

Giving more information on the same, BN Singh, DM Gautam Buddh Nagar said, “The Stamp and Registration Department has carried out a survey which revealed that a number of builders have given possession to the home buyers but no legal deed has been registered in the name of allottees. Due to this, all those flat buyers are facing legal problems,”

He further informed that a few days back, the authority has also issued notices to some developers for non-issuance of OC, still only 6 builders out of 30 issued transfer deed to the buyers.

Seeing this, a meeting was conducted in which the idea of having a sub-lease agreement as mentioned in the Stamp Act was finalized. As per the decision, now after paying stamp duty of five percent (of the house cost) an illegal home buyer can receive a sub-lease agreement which would be duly registered and acknowledged from the stamp office.

Consequently, when a builder will clear their dues, the home buyer can receive the OC by signing another document and paying Rs 50. “It is a win-win situation for both the buyers as well as builders/developers. We are giving this in writing in the first agreement itself that the subsequent agreement for sublease would need them to pay only Rs 50.”

Welcoming the move, N P Singh, president of Federation of Noida RWAs, said that this decision will resolve issues and ease panic amongst several Noida and Greater Noida flat buyers.