As apprehension and panic among home investors continues unabated, the Noida Authority on Thursday came up with a scheme, which is expected to bring relief to nearly 20,000 home buyers — those who have invested in projects that are complete but are waiting for possession of flats, officials said.
“Around 15,000 to 20,000 investors are expected to benefit from the scheme. These are people whose flats are ready but they have been waiting to take possession of their flats since the builder has not cleared their dues to the Authority. Under this scheme, the builder can deposit a portion of their dues to the Authority following which partial occupancy certificates will be issued,” said Amit Mohan Prasad, CEO, Noida Authority.
Elaborating on the scheme, Authority officials maintained that the builder will be required to pay 10 per cent of its total current dues to Authority, temporary or partial occupancy certificates will be given to them. “If 10 per cent of the total amount, which the builder owes to the Authority at present, is given, the department concerned will issue partial no-objection certificates.
If a builder has applied for occupancy certificates for 10 towers then certificates will be given to 50 per cent of the project — five towers. If there are nine towers, certificates for five towers will be given. The concerned department will ensure that basic and necessary amenities are available on the premises of the project,” the Noida Authority CEO said.
In addition to the 10 per cent being collected, 65 per cent of the total dues will be collected from flats whose towers have received temporary occupation certificates, Authority officials said. “The process for calculating this amount is as follows: if a request for occupancy certificates for 10 towers has been sought and the builder owes Rs 100 crore to the Authority, then the builder, at first, has to submit Rs 10 crore to the Authority. Thereafter, certificates for five towers will be issued (in sequence). If there are 400 flats in these five towers, 65 per cent of the amount to be collected, that is, Rs 65 crore, will be distributed equally among them. So, the amount to be collected per flat will be Rs 16.25 lakh and the flat can be subleased only after this amount is paid,” said Prasad.
The scheme will apply to group housing projects and it will be applicable from September 1 to November 30 this year. Noida Authority officials further maintained that there were 39 housing projects which were ready and where builders had applied for occupancy certificates. “Out of these 39 housing projects, 16 projects had some problems and their applications were rejected. If those issues are tackled by the builders, they can apply afresh for occupancy certificates under this scheme,” a senior Noida Authority official said. Noida Authority maintained that in cases where home investors have paid the entire cost of the flat, the builder cannot ask them for more money. “The remaining amount will have to be paid by the builder,” the official said.