Noida authority gives relief to co-op housing flat owners

NOIDA: Noida Authority has given relief to cooperative group housing flat owners who had failed to get their properties registered within the Supreme Court’s deadline of January 26, but had bought the necessary stamp papers. They will now be exempt them from paying the penalty of Rs 100 per day for the period after the purchase of stamp papers.

Thousands of flat owners in cooperative societies failed to register their premises individually as per the current circle rates as ordered by the Supreme Court in July last year, even after being given six months to comply with it. Even as the stipulated time ended on January 25, the stamp department said that 3,000 flat owners had failed to get their flats registered, says a TOI report.

In its board meeting held on Wednesday, the Authority announced that all those flat owners who failed to get their properties registered by January 25, but had bought the stamp papers between September 10, 2010 and March 9, 2011, between 27 July, 2011 and 25 January, 2012 and between March 10, 2011 and July 26, 2011 — while the matter was in Supreme Court — will not be charged any penalty. The Authority has given them three months to get their flats registered at the prevailing circle rates.

“Many people kept coming to the Authority even after January 25 this year claiming that they had already bought the stamp papers but failed to get their properties registered for various reasons, including the matter being subjudice. The government also took a while to decide on the penalty amount, from when it should be charged, etc. We have decided to give such flat owners the opportunity to register their flats in the next three months. They will also not be charged the due penalty for the period after the purchase of stamp papers,” an Authority official told Times News Network. .

Initially, when Noida came into being, the local administration used to register the sub-lease for flat owners on stamp paper of Rs 100. Stamp duty, however, was levied on land registered in the name of the group housing cooperative society. As structures were built on the allotted land, the then officials had felt that there was no need of levying stamp duty. Later, land registration officials ruled that the allottees will have to pay stamp duty and register the flats in their names and only then they will get the ownership of flats.

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Noida Authority: Build the House to Avoid Plot Confiscation

According to the new bylaws passed in the Noida authorities’ board meeting, the plot owners in the city are in a situation where they should either build a house in their land within 2 years or lose their plot allotment.

In Noida, there are plots which remain vacant for decades and the concerned authorities are aimed at getting rid of the encroachments in these vacant lands. Rama Raman, the chairman and CEO of New Okhla Industrial Development Authority said that there are many complaints regarding the plots that remain as shambles with minimal construction for years. These lands are reportedly being misused for unauthorized purposes. This may encourage criminal activities in the locality and thus the new amendment was proposed in the board meeting. As per the new bylaw, the landowners should construct the building on 100 per cent area of the allowed Floor Area Ratio instead of the 50% FAR allowed till now. This new change is applicable only for the residential plots in the Noida area and it should be executed within 2 years of time. He also mentioned that the old allottees will be served with a notice to complete the construction within 1 year, failing of which the lease deed will be cancelled and the plots will be confiscated.

Sources said that till 2011, the property owners were allowed to apply for completion certificates even for the construction of 25 per cent FAR in the vacant land. The authorities used to penalize the owners if the construction was not complete within the prescribed time but the owners get extension by paying penalty. To avoid such plot misuse, the amendment was proposed and there will be a survey conducted in Noida to identify such vacant plots.

The Noida authorities believe that this new bylaw will be a stringent action against the encroachers and will eventually eradicate vacant land encroachment in the city.

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Noida: Home buyers are facing Serious Construction Delays

According to JLL property report on Noida real estate, over 40% of new residential projects in and around the city are falling behind the construction schedule of over 4 years. The agitated home buyers are going to the consumer courts of Uttar Pradesh for the possession of their homes.

Current Status in Noida

Middle class home buyers from Noida, Greater Noida and Ghaziabad have booked around 4 lakh residential apartments, out of which almost half (40%) of these projects are under delayed construction. The projects have crossed the possession date by almost 4 years, yet under construction which causes the purchasers to pay EMI and rent for a long period. According to the JLL survey on current residential projects in and around Noida, there are a total of 2.3 lakh homes under construction (Noida & Noida expressway- 1.1 lakh; Noida extension- 94,500; Greater Noida & Yamuna expressway – 24,600) where 95,859 homes lagging behind the schedule and this accounts for 40% of total units. Experts say that at this point, flat owners have lost faith in the developers regarding the delivery of their homes.

Reason for the Delay

The Greater Noida West (Noida expressway) has faced construction delays due to the land acquisition issues that happened recently. According to industry experts, the misuse of funds like investing the project money on expansion spree instead of construction process also caused delays in project delivery. Although there are surplus projects available under big banners, most of them are under construction.

However, the builders are subjected to pay a construction delay penalty of Rs. 5 to Rs.10 per sq ft which is usually evaded by them. Instead of money, the builders claim to give extra sq ft space for the home buyer which is only the public area (stairs, common area etc.) and not carpet area.

Is there a Solution?

As of now buyers hit the consumer courts to settle the issue where they get reasonable compensation for the delay in possession but builders challenge them through high court appeals. Thus a buyer is helpless with the prolonged delay which leads to dharnas and public strikes in front of the builders’ offices sometimes. Still there is no permanent solution for such issues due to the lack of a governing body.

The real estate regulatory bill is the only hope for these home buyers at present since it can protect the middle class home buyers from property related issues. It is always advisable to buy a property after construction or nearing completion so that one can avoid such hassles in buying a property. You can also the builder reputation and previous project tracks even if they are established in the industry. This way, you can get an idea before investing your money in under constructed projects.

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