A Landmark Proposition for Noida Real Estate
In what could prove to be a game changer in the real estate sector of Noida, the Noida Authority[…] has come up with a Policy DRAFT that will allow flat owners to register their flats even if they do not hold possession Occupancy Certificate nor Completion Certificate. This policy is still in draft form however its automatons whenever it is however does benefit transactions involving property in a significant way.
Why Does This Policy Need To Be Implemented
Focusing on Reasonable Timelines
The main reason for this policy the macro scenario is overwhelming prolonged timelines for the Noida Authority to issue an OC and CC for the project completion. These delays are frequently linked with:
- Outstanding payments due from builders
- Pending Authority sanction
- Non adherence to the Authority’s building control regulations
The situation has kept the home buyers of such properties in a wait and watch mode for a long period of time.
Creating Flexibility for Property Owner’s Purposes
This policy seeks to redress the concerns property owners face including difficulties in selling or leasing their units due to unavailability of these certificates.
Highlights of the Policy Recommended
Registration Process Made Easy
According to the Revised policy, the buyers of the flats will also be able to register their flats even if the OCs or CC Is not there, so long as the developer has obtained a NOC from the Noida Authority. This NOC serves to, Here is the NOC:
- Guarantee of the structural construction as per the sanctioned plans
- Assurance of the standards laid down for the safety of the structure from its occupancy
Advantages for the Home Buyers
- Registration of the properties is done with speed
- Unoccupied properties do not entail costs like EMIs or rent and so lessen financial pressure while waiting for buyers
Key Threats and their Mitigation
Safety of the Structure after construction
Possibility of the buyers obtaining flats in the buildings which are not at all safe is one of the main concerns. To reduce this risk, the following measures will be put in place:
- Check whether a valid NOC is provided by the developer.
Risk of Developer going Into Default
Another risk is the risk of the developer not paying back the loan taken by him and in the end going into a foreclosure. This condition leaves the buyers with not much law relief. In order to restrict the loss, the buyers have to do the following:
- Check the financial stability of the developer.
Primers for Flat Buyers
This is a great flat purchasing scheme policy for all flat buyers across the Nation. For those contemplating purchasing a flat under this policy, here are a few key considerations,
- Engage a Qualified Engineer Inspect Engineering Competence of a Firm to attest that the construction met the required norms and specifications for building works and the structure is in sound condition.
- Evaluate Developer Credibility Wrapping on the real estate developers credibility, it is essential to assess the company’s previous projects and the capital position.
- Secure a Noida NOC In the same vein, secure notice of No-Objection from the authority of Noida before commencing with the registration of flat.
- Embrace Informed Risk Be able to take some risk for risks will always be there together with benefits.
Conclusion: To Approach Progression With Proper Care
The approach that the Noida Authority intends to adopt reflects a good move towards the current problems faced within their respective industry. Further while this move aims at facilitating transactions in property and enhancing the position of home seekers, it is important that home seekers also take care and be prudent in their actions.
Taking into account the promising changes in Noida’s real estate sector, it will be fruitful to weigh the advantages and disadvantages of the policy so as to navigate a safe and rewarding investment experience. North India real estate sector has witnessed a transformation and Dream Location is an integral marker of this change for enhancing long term goals for their clients.
Disclaimer
Do make a note that this is a proposed policy and the panel members are finalising the draft proposal.
People should exercise care and carry out an appraisals. Again, the author and the firm are not responsible for any action taken that is deemed to be based on the content of this article.
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