NAREDCO stands for National Real Estate Development Council have released a new notification where developers have to start a registry of flats for sale as the local authority in Noida and Greater Noida.
Uttar Pradesh Government has now accepted the proposal to allow registration of flats on deposit of land dues liability per flat by the authority. The developer’s association also added that the registration will also be applying the simple interest in SBI-MCLR as per the Supreme Court Order.
Registration charges are a good source of revenue and this step taken by the state government will definitely help the government in collecting more revenue through the sale of properties. It will eventually also help individual customers get their registry done.
As per the reports, more than 50,000 units are still pending for the registration in Noida. NAREDCO-UP has sent guidelines to all the NARDCO members including Panchsheel, Ajnara, Antarx, and Migsun Group.
Recently, in a meeting held with the developers and CEO of Noida, Greater Noida and Yamuna Expressway authorities along with the Chief Secretary, UP. They discussed about the major concern of buyers’ complaints in this regard and as a solution, the proposal as a suggestion was accepted in principle.
Further, the Noida Authority also alarmed and warned to take action against developers who have given possession to homebuyers without registering their houses for sale.
In this regard, the concerned authority investigated 18 housing societies and they found people living there for almost 4-5 years. And, they are living without registry of their residential apartments that is ultimately causing loss of revenue to the state government.
Now, the authority has begun a special camp in housing societies for flats registry that will help the government to raise the revenue.
Adding more to it, the authority has also stated that instead of paying dues in one go, the builder can pay the dues during the registration of the flat. Therefore, the Noida Authority has also granted 3 months time period to complete the process of registry.
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