Homebuyers waiting for property title registrations of their apartments in various group housing projects have a good news! The Greater Noida Industrial Development Authority (GNIDA) has started offering part-wise occupancy certificates (OC) for housing projects.
GNIDA has started the flat-wise registry process in various group housing projects to help homeowners where occupancy certificates had been denied due to land payments not cleared by developers. To help homebuyers, GNIDA decided to issue occupancy certificates for flats instead of the entire towers/projects.
After developers cleared their outstanding dues, occupancy certificates were issued for flats in proportion to the land payments cleared. On Monday and Tuesday (24-25 July 2023), 2,063 flats in five projects have been approved for registry after the developers paid Rs 72.1 crore against their land dues.
The OCs were issued on Monday for 216 flats in Samridhi Grand Avenue, 571 flats in Coco County, and 352 flats in Arihant Abode. On Tuesday, OCs were granted for 285 flats in CRC Sublimis and 639 flats in Ace Divino. All of these housing projects are located in Greater Noida West (Noida Extension).
The total amount of dues received by GNIDA from the developers of these projects was Rs 72.1 crore. Prosper Buildtech, the developer of Arihant Abode, paid Rs 39.4 crore. Shirja Real Estate, the developer of Coco County, paid Rs 20.7 crore, while Enticement Infrastructure, the developer of CRC Sublimis, and Starcity Real Estates, the developer of Ace Divino, cleared dues of Rs 7.3 crore and Rs 3 crore, respectively. Samridhi Realty, the developer of Samridhi Grand Avenue, paid Rs 1.7 crore.
GNIDA CEO Ravi Kumar NG handed the permission letters to the representatives of the developers. He emphasized the important of property registrations so that homebuyers can assert their ownership rights.
“We are granting permission for registries and issuing occupancy certificates as soon as developers clear their outstanding dues,” the CEO said.
The process of registry in group housing projects involves a tripartite agreement between the builders, the buyers, and the Authority. Developer representatives play a crucial role as their presence and signatures are necessary on lease deeds during the registry, which takes place at the sub-registrar office. Once approvals are obtained, the developers schedule appointments at the sub-registrar office, where flat buyers have to be present to complete the registries.
With the GNIDA taking proactive steps to expedite the registry process, flat buyers can now have greater confidence in securing their dream homes without unnecessary delays. The move is expected to instill trust in the real estate sector and provide a boost to the overall property market in Greater Noida West.