Developers in Delhi & NCR region seek clarity on UP Apartment Act
Real estate developers in the Delhi & NCR region have sought clarity on the UP Apartment Act, despite the fact that a Monday-released notification of the Act empowered apartment buyers in Noida and Greater Noida.
Developers are of the opinion that the Apartment Act requires some fine tuning so that there is no impact on the construction activities – especially on large projects – in the region.
The Apartment Act requires the developers to disclose, in writing, whether they have rights and titles to the land and building in which they have proposed to build apartments. In addition, it is also required of the developers to make a disclosure of plan outlays of the project, along with the information about whether the project’s specifications have been approved by the local authority or have been submitted for approval.
Moreover, the disclosures which the Apartment Act requires the developers to make also include details related to all common areas and facilities, in accordance with the approved layout or building plan, nature of fixtures, fittings and amenities proposed in the construction plan.
Since the Apartment Act also makes it obligatory for the developers to seek a written approval by all existing apartment owners before initiating any major change in the layout plan, developers are apprehensive that the Act will make the development of large projects nearly impossible because such projects are undertaken in a phased manner.
Source – The Times of India – Delhi edition
Delhi NCR, Developers, Property deal in Delhi NCR, real estate delhi ncr, Real Estate Developers
