This news should relieve you if you too are a flat buyers in Noida or Greater Noida. Indeed, plans are underway to approve a new regulation at the Noida Authority board meeting shortly. Following this regulation, the flat buyers will be required to register and reserve their apartments, making it impossible for the builder to deceive them. The government won’t lose money as a result. It’s common to witness builders selling the same apartment to multiple buyers to make a profit. He makes his profit, but a significant loss of revenue results from this.
The ACEO of Noida Authority, Vandana Tripathi, stated that because there is a tri-party agreement in Noida. Here, every time a flat is sold, the authority will have to pay a transfer charge. Which is technically called a Transfer of Memorandum. The builder will not be able to do this trick now. Under the new rule, the builder will have to register the buyers along with the agreement to sell. Due to this the buyers will get the ownership rights. By doing this, the entire record of the buyers will be updated in the authority. Due to this, the builder will not be able to sell the flat to anyone else.
Numerous such instances are
lodged with the police stations in Noida and RERA. Buyers will have to pay the fees and get TM completed from the authority if this is not done. Second, purchasers will receive the apartment on schedule. This mechanism wasn’t in place up until today. In such a case, the builder used to earn profit by selling the same flat numerous times via fraud. Additionally, purchasers were deceived. Numerous such instances are lodged with the police stations in Noida and RERA. wherein the builder deceived the purchasers, sold the identical apartment to numerous persons, and embezzled money from each of them in the name of TM.
Non-registry is the main issue in Noida.
With the new regulations in place, a buyer goes to buy a flat from the builder. After paying 10 percent of the amount at the time of booking, the builder will execute an agreement to sell in his favor. Also, it will have to be registered by paying stop duty as per the value of the property. After the construction is completed, at the time of giving possession, the possession deed can be registered on a stamp paper of Rs.100. The biggest problem in Noida is non-registry. Here the builders did not deposit the money of the authority. Due to this the authority has stopped the registry.
Following Amitabh Kant’s advice, registration is carried out by deducting 25% from the builder’s payment. The new regulations will prevent anything akin to this. When the purchasers reserve the apartment by paying 10% of the total cost, the builder will draft an agreement to sell on their behalf and register it after paying the stamp duty on the entire amount. The ownership rights will be transferred to the buyers upon completion of registration. There’s also the worry that his apartment won’t be sold elsewhere. Revenue will be received by the government or authority. Additionally, the builder’s scam will come to a stop.
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