Gautam Budh Nagar Authority’s new plan to give registration tohome buyers for their apartments in projects in which developers have not cleared their dues to the Authority, will provide the much needed relief to these home owners.
For large number of housing projects in Gautam Budh Nagar, developers did not clear their dues to the Authority and as such these developers were not given Occupation certificate (OC) by the authorities. The rules clearly
specify that a registration agreement can be signed only after the builder first clears all the dues to the Authority and secures OC .A number of builders had given possession of flats to home buyers without having the OC.
Many of these home buyers had occupied their flats without executing the registration deed. About 50,000 home buyers in Gautam Budh Nagar had been requiring registration of their flats. Now to get over this problem, the
administation has allowed builders and buyers to sign an agreement of sub lease at current circle rate.
Says Pradeep Aggarwal, Chairman, Signature Global Group, ” Gautam Budh administation’s move to positively address the issue of non- registration of flats is a win- win situation for all the stake holders – builders, buyers
and the administration. As far as buyers are concerned, through this agreement gets secured and moreover they are saved from shelling out more money at new circle rates when the registration is done. The developer gets
money to be paid to authorities as pending dues and authorities on their part get the revenue “.