Around 20,000 homebuyers from Faizan Hyder, Delhi Noida and Greater Noida can get Diwali gifts. The builders have started preparing to deliver the possession letter earlier than expected. They can give possession letter before taking Occupancy Certificate from local authorities.
Greater Noida Real Estate Regulatory Authority ( RERA ) said in an order on September 16 that if the Authority fails to issue Occupancy Certificate or express any objection within a week of applying, then the builder will start giving possession of the flat to the buyers can do.
As of the rules so far, any builder had to apply to get an occupancy certificate after completion of the project and could only hand over the key of the flat to the buyers after the certificate was issued by the authority. The builder then has to apply for a No Objection Certificate (NOC) after paying all the dues and receipts and can then complete the registry process.
Balwinder Kumar, a member of UP-RERA, said, ‘Rera aims to get buyers flat on time. We noticed that there was some undue delay in issuing Occupancy Certificate and then again the same was the case in NOC. We have told the authority that in both cases the buyers who have paid the flat in full should not face any problem. If the builder is following certain conditions then the buyers should get the flat key of Greater Noida .
Kumar said that he expects 15,000-20,000 homebuyers to benefit from the release of this notification in the coming days. The builders who have completed the project want to hand over the flats to buyers before the festive season begins.
Mishun Group MD Yash Miglani said, “Due to non-issuance of Occupancy Certificate, many completed projects are delayed in handing over the keys to buyers. In such a situation, we openly welcome this decision of Rera. This will provide considerable relief to the buyers. We are also preparing for delivery of 2000 units by the end of this financial year.
According to BN Singh, DM of Gautam Buddha Nagar, this provision was also in the rule earlier and after the notification of RERA he would start implementing the agreement and final registration would be done after payment of all the dues.
