Noida authority, last week, came up with a proposal to bring some relief to buyers who are at the receiving end due to delay in lease payment dues by builder to Authority.
Currently, the part CC/OC (or CC as may be the case depending upon number of flats ready) is not given to the builder if builder has defaulted on lease payment dues. In certain cases, while OC/part CC/CC was given on the condition that builder will pay the remaining amount within certain days of same being issued, builder were found not meeting the condition eventually. In such a case, even while OC/part CC/CC was issued, registries could not be started. Buyers are seen waiting for months and even years hoping for their flats to be registered.
Taking the above situation into account, to offer relief, Noida authority has sent a proposal to UP cabinet to allow part CC/CC and hence registry to certain number of flats depending upon amount already paid by the builder. This is set to bring a huge consolation to those waiting to move into their flats with all legal formalities completed. The proposal states that flats with total cost equal to land dues paid by builder minus 10% of total cost of land can be provided part CC and hence registrable. Noida Authority has also uploaded the proposal at its website at http://www.noidaauthorityonline.com/GH_11_MAY_2016_RELAX.pdf
The proposal is supposed to be discussed and approved by cabinet in the coming week.
We bring below a simple calculator that will help you calculate total cost of flats that can receive part CC permissible for registry. As a pre-requisite, buyer/owner needs to know the total cost of land (check lease agreement or land title document) and installments amount so far paid by builder (check with builder or raise RTI with NA).
The output of the calculator gives total cost of flats (in crores) that are registrable. e.g. If total cost comes out to be 100 crores and there are 3bhks of 30 lakh and 4bhks of 50 lakhs, following are the possibilities: i) Around 333 flats of 3bhk are registrable or ii) 200 flats of 4bhk are registrable or iii) Combination of both that total to 10 crores are registrable.
Please note that all amounts to be provided in crores.
Comments/Feedback invited.Last updated: May 20, 2016 at 11:21 am