In a measure aimed at safeguarding flat buyers and enhancing revenue collection through stamp duty, the Uttar Pradesh Government has decided that builders will initiate agreements of sale, or the builder-buyer contract, for those who pay 10 per cent of the total property price. This decision was made after the Noida Authority’s board meeting held on Saturday. The board stated that builders who agree to deposit 25 per cent of the payment will have the registration completed with the balance collected from them. Flat buyers will receive ownership rights and the Government will collect revenue through stamp duty. To facilitate this, section 13 of the Real Estate (Regulation and Development) Act 2016 was approved. Under this provision, flat buyers will pay 10 per cent of the total price to the builder, and after paying the stamp duty, the builder will implement the agreement of sale and register it at the sub-registrar’s office. “The builder will submit a copy of the builder-buyer agreement along with a list of flat buyers. A tripartite deed will be created in favour of the authority, builder, and flat buyer. Following this, the buyer will be given possession of the flat or shop. This new rule has been implemented for group housing,” M Lokesh, Chief Executive Officer, Noida Authority, said in a press statement. Twenty-seven proposals were discussed at length during the meeting, including a progress report on the relief package provided to builders under the recommendations of the Amitabh Kant Committee. Lokesh said that 1,643 registrations had been completed as of October 22. Also discussed in the meeting were plans to develop New Noida, which will encompass 80 villages in the Dadri and Bulandshahr areas. “The process for land acquisition will begin next month,” Lokesh said. “Initially, the land acquisition will be conducted by the district administration, and in the first phase, 3,165 hectares of land will be taken into possession.” The meeting was held under the chairmanship of Chief Secretary Manoj Kumar Singh. Besides Lokesh M, Arvind Kumar Sagar, Principal Secretary of the Infrastructure and Industrial Development Department; N G Ravi Kumar, CEO, Greater Noida Authority; Arunveer Singh, CEO, Yamuna Authority; and Manish Kumar Verma, District Magistrate, Gautam Buddha Nagar, also attended the 215th meeting of the board.
