The real estate sector in Noida is again in news. This time for a reason that is hard to think. Nearly 600 apartment buyers in Noida aren't getting possession rights even after they have paid for the property in Omaxe Grand woods project.
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| Property in Noida |
This is not a new thing. Properties in Noida have always been under scanner for some or the other reason. The to-be residents of this project expected a sub-lease deed in lieu of ownership of apartments. However, they were shocked when the developer asked for affidavit declaring that these would be residents will be taking temporary possession to carry out home improvement work. The developer didn't allow the buyers to enter the home premises. This was because the developer didn't pay the requisite dues to get sub-lease rights from Noida Authority.
This news has resulted in demoralizing the end-user’s confidence in housing sector. Legal experts have suggested some better options to help consumers get their rights:- Handing the allotment of land to solvent promoter- The allotment of land must be cancelled by the Noida Authority and it should be offered to a solvent promoter at open rates having strict completion cause. The compensation given to original allot-tees must include the total difference in cost of land and 20% of the refund deducted as penalty to the original promoter.
Direct issue of sub-lease agreement- The authority can provide the sub-lease in favor of allot-tees as they have the possession letter as well as 100% proof of payment. Direct possession of sale deed- Another option is to divide the total land cost on pro-rate basis against sale able built up area. In this way, the authority will take direct possession of sale deed in favor of every allot tee through collection of proportional land cost from promoter as well as allot-tees to penalize the promoter.
Thus, it is very essential to look up to the every matter when considering purchasing a property in Noida.
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