How to handle the non sub lease agreement?

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.

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.

Own a house in Noida- Let your dreams fulfill

Wave One - Commercial Office Space

With the advent of new and comfortable means of living and world class infrastructure, Noida properties have shot up to fame in recent years. Be it commercial or residential, properties in this city
are alluring more and more buyers than any other part of country. In fact, property prices in this city are all time low when compared with the facilities that it provides. Recently, one of my friends came all the way from Chennai to settle in Noida. He approached me and I told him about Renaissance Realty agency that helps in purchase and sale of Properties in Noida. He was too keen to contact this agency that he didn’t wait for even a single day and called them up.

After a detailed discussion, he settled on an apartment in Paras Tierea towers
which are spread over 30 acres of land at Sector 137 Noida expressway. Since the location is close to various malls, schools, hospitals and flyways, it was a natural choice for him. I was so impressed by the prompt service of Renaissance realty employees that my friend found it easy to check the authenticity of property papers and had to face no problem as the entire process took place within a short duration. The price of the apartment was also not high and my friend found it within his budget.

Vatika Sovereign Park

Both me and my friend have promised ourselves that whenever any friend, relative or colleague is looking for any property in Noida, we shall definitely put forward Renaissance Realty’s name and its hassle free property search approach.

Renaissance Realty is the best agency to look upto when a person is searching to invest in a good Property in Noida be it residential or commercial as the agency helps narrow down the search by providing the best of the options before the customer.