Noida’s real estate market is experiencing a shake-up as the District Magistrate (DM) takes a proactive stance to address the issue of delayed flat registrations. A recent meeting with developers, flat buyers, and stamp and registration department officials brought the problem to light.
The primary culprit behind the delays appears to be outstanding dues owed by builders. The meeting revealed that only 28 out of 57 developers who agreed to resettlement plans have fulfilled their financial obligations by paying the required 25% upfront. This financial hurdle significantly impedes the registration process, leaving homebuyers in limbo as they wait for their legal ownership documents.
In a decisive move, the DM has issued a stern directive to all builders. They are expected to prioritize the registration of flats that have already received Occupancy Certificates (OCs). Additionally, expediting the process of obtaining OCs for remaining flats is crucial. This two-pronged approach aims to streamline the registration process and ensure timely handover of ownership documents to homebuyers.
The DM’s crackdown on delayed registrations signifies a significant shift in Noida’s real estate landscape. This decisive action demonstrates the government’s commitment to protecting the rights of homebuyers and promoting transparency within the market. By holding builders accountable and prioritizing resident ownership, the move paves the way for a more efficient and reliable system that safeguards the interests of all stakeholders involved.
