Flat buyers in Noida to face registration hiccups
Noida authority has decided to warn the “defaulter” developers, who have not paid the due amount for the land given to them for development. Noida and Greater Noida home-buyers need to be serious about the issue, as such developers will not be allowed to sublease or register flats in the favour of home-buyers.
As per the list prepared by the officials, many well known developers are included in this defaulters queue, who have to pay nearly Rs 4,000 crore for the land they have acquired. Around 60 developers have to pay Rs 6,000 crore to the authority.
Until the developers pay the money, the Greater Noida Authority will not sanction the layout plan and the completion certificate will not be issued to the projects.
Due to the financial crunch the developers are not able to pay the compensation to farmers. The authority made sure that no such are sanctioned keeping the problems of buyers in mind. The developmental work is stalled for now in that region.
Greater Noida Authority has issued several notices to the developers but no serious steps have been taken from the developers side yet.
The delay in layout sanction will directly affect the buyers and the realty market may drop soon. According to the Confederation of Real Estate Developers’ Association of India (CREDAI) (west UP), a meeting will be called soon in order to resolve the issue. The authority should take of the fact that, this problem should not affect the buyers to withdraw their interest from investing in Noida and Greater Noida.
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