Over 600 Buyers In Noida Register Flats In a Month Under New Scheme

It came as a decision from the stamps and registration department on 3rd January, 2019 that 610 flats got registered under ‘agreement-to-lease’ plan, which flagged last month. In fact, the department filed FIRs against 30 developers because they gave away 7798 flats without any kind of planned registration process. In this wake, the authorities have planned to take a strict action by invoking Gangster Act against developers because of their inability to furnish authentic registration details. Such issues have enabled the authorities to tighten their grip over the developers because they have hidden the details from them.

Generally stating, the registration of a flat is carried out on receiving of project completion certificate by the developer. These certificates are provided by the specified development authorities. There is a chance that, in some matters, completion certificates are withheld because of the dues to be provided at Noida Authority. When it comes to the matter of identifying the essentialities of “agreement-to-lease”, it is necessary for the home buyers to pay off 5 percent stamp duty for registering the properties at stamp and registration department. They are also required to sign a bond.

On receiving the completion certificate, the home buyers can convey the registration process on Rs. 50 stamp paper. It should be noted that reviewed circle rates might not be pertinent at the time of final registration. In this regard, even assistant commissioner by the name of SK Singh from registration department at Gautam Budh Nagar has found that few of the developers gave possession of flats to the home buyers without registration. Even a police complaint has been filed under Section (G) of Stamp Act 1899. As a result of the issues cropping up, many of the developers have started registering their fats under “agreement-to-lease”. But, some of them ignored the deal too. According to SK Singh, Gangster Act will be invoked against such developers.

As per the details of the flats available, they are positioned in Greater Noida’s Sector Zeta – 1, Pie – 2, Greater Noida West, Site -4, and Noida sectors 44, 75, 78, 107, 108, 119, 120 and even 143. The developers of these flats have been given continuous notices and their ignorance has enabled authorities to take strict action against them. So, it is better to get flats registered for avoiding any kind of legal issues for sure.