Happy Diwali ahead for Noida home buyers: Builders can give possession soon

Topics RERA | UP RERA | Home buyer

It seems Diwali has arrived early this year for some homebuyers in Noida and Greater Noida. According to an Economic Times report, builders are preparing to hand over the houses to the homebuyers earlier than they would have expected. However, they will not be getting the occupancy certificate just yet. 

This is being done because the Real Estate Regulation Authority (RERA) of Uttar Pradesh had issued a notice on September 16, stating that if the authority did not issue occupancy certificate or raised concern within a week of receiving the application, the builders could start handing over the possession and agreement with the authority to home buyers. 

Almost 15,000-20,000 homebuyers should get to move into their new homes after this notification by RERA UP. 

As the rules go, after the completion of the project, a builder needs to apply for an occupancy certificate and can offer possession to buyers only after receiving it. This is applicable only for those buyers who have paid the full amount. 

"The objective of RERA is to ensure buyers get the flats on time,” Balvinder Kumar of RERA was quoted as saying. "We have noticed that there was unnecessary delay in giving the occupancy certificate and then giving the NOC. We have asked the authority that a buyer who has made full payment should not suffer in both the cases and they should be given possession and be eligible for the registry if the builder is fulfilling certain conditions."

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel