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Flat Owners in Housing Societies Noida to Register Flats Individually

1 Comment Sub Category:Uncategorized Posted On: Aug 25, 2011

Cooperative group housing societies (CGHS) in Noida were in for a shock when the Supreme Court ordered individual registration of flats as per circle rates prevailing on July 27. The court had given them six months to register properties individually. The registration amount will vary from area to area as circle rate of posh colonies are higher. After the deadline of six months is breached, Noida Authority will also impose a penalty on the flat owners.

Earlier, the Supreme Court on September 10, 2010, had upheld the policy of the Uttar Pradesh government related to the cooperative housing society that all members would have to separately register with the civic body. The court had set a deadline of March 10 but few flat owners got their properties registered the last time.

Owners of flats in cooperative societies failed to get a handsome rate on sale of their flats as the property was not registered in an individual’s name. This also creates a problem for getting home loans for those willing to buy it.Noida Authority officials say that in August more than 800 flat owners had applied for registration.

After the Supreme Court’s recent order that flat owners in cooperative housing societies would have to register their houses individually, residents say that this move will ultimately benefit them in the long run. The CGHS members had been contesting the case against the authorities as they had been asked to register their flats at the prevailing market rates.

Flat owners say that even though they would be paying a huge sum as registration fees, the market value of their houses would increase considerably. “We will now also be able to sell our flats without seeking prior approval of society members and would also be able to avail loans against the flats,” said a CGHS member.

However, the residents have now demanded that as they would be paying huge charges for property registration, the government will have to develop the area by introducing special schemes.

The stamp and revenue department officials are also elated at this order. “We will be able to generate revenue of more than Rs 150 crore as around 15,000 flat owners will be affected by this order. On an average, scores of flat owners in cooperatives societies have been registering their properties everyday,” said a revenue official. UP stamp department revenue controller Durgesh Kumar Saxena said there are 150 societies in Gautam Budh Nagar district comprising 25,000 flats. “So far, only 40 per cent flat owners have registered their properties,” said Saxena.

Times of India

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