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Good news for flat buyers in Noida! Big relief to about 2 lakh people, Center recommended for this work

The registry of these flats is stuck for the last almost 6 years. Due to non-payment of dues to the authority, these flats were not being allowed to be registered. After this, on the request of the builders and common people, the government constituted a committee, which has recommended relief to both the buyer and the builder.

New Delhi. There is good news for about 1.67 lakh people who bought flats in Noida and Greater Noida a few years back. Actually, the registry of these people was stuck, which will now be approved. These people had bought flats from such builders on whom government authorization is due. That’s why the registry of these flats was stopped. The builders have to pay around Rs 45,000 crore to the authority. However, after requests from common people and builders, the government constituted a committee headed by senior IAS officer Amitabh Kant to give its recommendations in this matter.

This committee has drafted a policy which is yet to be approved by the state government. Noida, Greater Noida and Yamuna Authority will also need consent to get it approved. The draft has recommended changes in the IBC (Insolvency Bankruptcy) code. It has been said that the registry should be started immediately for the buildings of the builders which have gone into the bankruptcy process. There should be no interference of authority in this. If this happens then about 1 lakh home buyers will get relief.

Relief to these people

Also, those buildings which are not in bankruptcy process and the buyers are living there without getting the registry done, the registry will also be started there. For this, it is not necessary for the authority to issue an occupancy certificate to the builder. In this way, there will be a total of about 1.67 lakh people whose registration of flats stuck for many years will finally be started. However, getting approval for this draft from all the three authorities will not be so easy.

Condition for builder’s exemption

Under the policy change, the builder will get the benefit of exemption only if he deposits 25 percent of the penalty charge and other dues within 60 days of the application. Apart from this, the remaining part will be deposited in the next 3 years. With this, the authority is expected to get its original dues immediately. One of the other important things related to this case is that if a builder is not in a position to complete the project, he can surrender it with certain conditions and RERA will take it over. The builder will not charge any extra charge or penalty from any buyer.

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