[INDIA REAL ESTATE NEWS] Good morning, everyone. I’m Shashi kant shukla staff|
of Kamagroup Pvt. Ltd. Here I have important INDIA REAL ESTATE news to share with
you which is as mentioned under.
NOIDA: In what could increase the rate of delivery of flats to buyers, the district
administration is contemplating allowing registry of property even if the Authority has
not provided a ‘no-objection certificate’ (NOC) to the project through an ‘agreement to
sub-lease’ between the builder and buyer, officials said.
The plan was discussed in a meeting between officials of the district administration and
the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) on Saturday. The officials
also assessed changes in laws that now make it mandatory for development authorities
to issue completion certificates to builders within eight days of applying for it.
“There were many cases where the homes were ready, but the builder had not cleared
the Authority’s dues and did not get an NOC. In such cases, the buyers are left in the
lurch and would sometimes be huddled into the homes they paid for but would not have
any valid document for ownership,” district magistrate BN Singh told TOI.
“We can now charge the 5% stamp duty and register the flats on agreement to sub-lease
between the builder and the buyer,” he said, adding that once the builder gets an NOC
from the Authority, it can finally sub-lease the property to the buyer. This would be a
tripartite agreement between the builder, buyer and the Noida authority“And once the
Authority gives NOC and completion certificate, we will then issue a final registry
certificate with Rs 50 stamp duty,” the DM said. According to the UP Urban Planning and
Development Act, the development authority was supposed to respond within three
months of application regarding issuing completion certificate for a project. However, with
the growing delays in delivery of flats to homebuyers, the act has now been amended to
speed up the delivery process.
Read more at: https://economictimes.indiatimes.com/wealth/real-estate/to-speed-up-deliveries-noida-may-allow-registry-of-flats-without-noc/articleshow/71253935.cms
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