Noida Authority has made changes for the betterment of Noida with strict rules on violations, backing exemption fees against those who owe funds, and better protections to buyers.
Crackdown on Deviant Developers and Leaky Construction
The Authority initiated its Freedom initiative by addressing developers like Antriksh Developers and GS Promoters who owed vast amount for dues of ₹273 Billion and ₹90 Billion respectively. Actions taken on behalf of the consumer include Notice to see if recovery from Bank or property (legal enforcement).
Furthermore, for unsold inventories on projects like Grand Omaxe in Sector 93b, Antriksh Golf View in Sector 78, Matrott in Sector 76, the Authority ceased sales, and have begun a auctioning process for them to collect their owed dues and bring justice to the buyers.
New Measures and Rules to Benefit buyers
Noida Authority for the betterment of visual transparency and buyer protection, has a new agreement by which a buyer, builder and Authority enter into an agreement on the property once the buyer places 10pc of the payable.
This settles registration very early which decreases the exposure to fraud.
Similarly, Greater Noida Authority has also directed buyers to include the prepaid stamp duty portion in its booking, that serves the legal protections for buyers and to stop the odious and illegal practices endemic to real estate.
Positive To The Real Estate Market
These reforms have led to significant progress, with nearly 20,000 homebuyers benefiting as builders cleared dues for stalled projects under an amnesty scheme. The Noida Authority has received substantial payments, facilitating flat registries and restoring confidence among investors and homebuyers
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