Dedicated locality research platform
Dedicated locality research platform
Enter your email address and you will receive
a link to reset your password
The Greater Noida Industrial Development Authority (GNIDA) intends to take legal action against developers who give apartments to prospective homeowners without having them register as required buyers. Financial consultancy Curie & Brown's continuous examination of group housing projects, which has so far studied 24 properties, has uncovered several instances of these infractions.
The GNIDA representatives have stated that they want to notify such builders soon. Before an apartment may be registered, the Authority states that builders must pay their debts and get occupancy certificates. The goal of officials is to guarantee that contractors follow the required procedures and that homebuyers obtain their genuine ownership rights in a legal and open manner.
Ritu Maheshwari, CEO of GNIDA, has ordered the building department to notify builders of all such projects and to cancel allotments to builders who take ownership of unoccupied properties but do not begin projects on schedule. The CEO received the Curie & Brown report and has since taken many actions to safeguard homebuyers from dishonest developers.
A related development is that the Yamuna Expressway Industrial Development Authority (YEIDA) is getting ready to implement a "plot relocation policy" to deal with the problem of delays in giving allottees ownership owing to land disputes. The YEIDA board meeting on June 16 will address the topic and adopt the policy.
According to YEIDA CEO Arun Vir Singh, the new policy will enable the organization to move plots to other areas free from land disputes, possibly providing relief to hundreds of customers in the residential, commercial, and industrial categories. Officials anticipate that YEIDA will speed up the procedure and allow the implementation of pending projects by expediting plot movement.
These initiatives by the GNIDA and YEIDA reflect the government's efforts to address the issues facing the real estate sector and protect the interests of homebuyers. The onus is on the developers to comply with the regulations and ensure that homebuyers receive their properties on time and as per the agreed terms and conditions.
Propscience is India’s dedicated property news portal. We cover the latest events, news, trends, deals, new launches and more.
All our services and tools are completely free of cost and available 24X7!
