Registration of builder-buyer agreement mandatory on payment of 10% of flat price in Greater Noida

“In fact, flat buyers were demanding,” he told The Indian Express, “that permission be granted to register the agreement between the builder and the buyer on the payment of 10 per cent by the buyer, so that they can have a legal document.”

Among other important decisions taken during the meeting for flat buyers and residents of Greater Noida was the one to register the agreement to sell. Buyers will need to pay the full stamp duty at the time of signing the agreement to sell. Once the buyers get the possession of the flats, they will be registered after a stamp duty of Rs 100 is paid.

“Because the buyers have legal documents, the builders will not be able to commit any kind of fraud. Also, the registry department will receive the stamp duty on time,” Kumar added.

Authority chairman Manoj Kumar Singh, who is also the Uttar Pradesh chief secretary, chaired the meeting attended by other senior officials.

The Amitabh Kant Committee’s recommendations to address the obstacles of legacy projects in real estate were also discussed in the meeting. The way has been cleared to complete 73 builder projects and provide homes to the buyers.

Out of approximately 62,912 flats included in these 73 projects, 30,477 have been registered so far. There are 98 projects in Greater Noida that fall under the scope of the policy prepared on the basis of the committee’s recommendations. Twenty-five per cent of the amount was deposited for the 73 projects, resulting in the authority receiving an outstanding amount of about Rs 547 crore, with around Rs 1,300 crore expected to be received in a year. Completion certificates have been issued for 38,661 of the flats.

The board was also informed that Gangajal is being supplied to 50 out of the 58 residential sectors in Greater Noida. “We will begin the supply of Gangajal by December this year in all 58 sectors in Greater Noida,” said Kumar, the CEO.

He also said that work has commenced on the plan to supply Gangajal to Greater Noida West, adding that three reservoirs have been constructed for the purpose.