IREF® Real Estate in India - Property Discussion
Revert to old theme

Download our app now !



Reply
24Likes

Impact on Buyers of Noida Authority's 10 Years Payment Plan for Builders
July 11 2012 , 05:41 PM   #11
Member

vksharma2020's Avatar
 
Join Date: Nov 2009
Posts: 229
Likes Received: 72
My Mood: Fine

Quote:
Originally Posted by ektasrv
If a builder is going for completion certificate then he has to pay full pending amount to authority to get NOC.

And buyer get the flat registry done and occupy the flat only after the Builder gets this completion certificate from NA after paying in full -.
The above position is not correct. If you read my post at#5, you will understand.
__________________
VKS
July 11 2012 , 08:17 PM   #12
Member

ashish199's Avatar
 
Join Date: Jun 2011
Posts: 170
Likes Received: 15
My Mood: Cheerful

Quote:
Originally Posted by vksharma2020
The above position is not correct. If you read my post at#5, you will understand.
Hi Vikash,

I had a word with couple of builders on the same issue.What they are saying they would do phased payment at time of possession.

let me explain with an example...builder has 1000 flat in total....in phase 1,he delivers 150 flats...total outstanding amount(this is total amount not pending installment amount) on builder on that date is x amount.

builder would pay x*150/1000 to NA to get NOC for these 150 flats,then only he can give possession for these flats.
July 11 2012 , 08:35 PM   #13
Veteran Member

ManGupta's Avatar
 
Join Date: May 2011
Posts: 1,176
Likes Received: 388
My Mood: Cool

Quote:
Originally Posted by ashish199
Hi Vikash,

I had a word with couple of builders on the same issue.What they are saying they would do phased payment at time of possession.

let me explain with an example...builder has 1000 flat in total....in phase 1,he delivers 150 flats...total outstanding amount(this is total amount not pending installment amount) on builder on that date is x amount.

builder would pay x*150/1000 to NA to get NOC for these 150 flats,then only he can give possession for these flats.
Dont count on Builders' word. Consult a property lawyer or file RTI with authority for info.
July 11 2012 , 08:39 PM   #14
New Member

pankajgupta123's Avatar
 
Join Date: Mar 2010
Posts: 14
Likes Received: 0

Is there any builder who was alloted land under this scheme and given possession too or first example still to set.
July 12 2012 , 01:36 PM   #15
Senior Member

SMJ2011's Avatar
 
Join Date: Jan 2011
Posts: 854
Likes Received: 105

This issue is debated on IREF for last 2 years. But there are no clear answers.

I doubt even the Noida Authority knows clearly the consequences of default by builders at any stage of the project.

One would like to see the format of sub-lease deed prescribed by the Authority for signing between flat buyer and builder. This will give an idea of obligations & risks of flat buyers in the event of default.

I think flat buyers should file RTI and ask authority to clarify the issue.
ManGupta likes this.
July 12 2012 , 03:24 PM   #16
Member

search2010's Avatar
 
Join Date: Oct 2009
Posts: 157
Likes Received: 20
Some Clarifications

1. There is not even a single project which is part of this 10 years scheme and builder applied for part-completion i.e like phase 1 or phase 2 etc.
2. 3C lotus boluvard is part of this scheme and planning to give possession of phase 1 flats but registry is not happening, now chances are that, reason is same. Authority is asking for full payment and builder is asking for part payment. Things will be clear, once registry of this project will start.
3. Now if any builder default then authority is clear that they have legal rights to cancel that plot allottment.
4. Now one interesting issue will be that is not known to most of the people and that is LEASE RENT , Bulders are paying 1% lease rent for 1 year basis to authority and no builder is writing in written that lease rent which they are charging(as most of them showing free of cost) is for 90 years or not. Now few builders might do one trick, they will keep paying 1% to authority/ year till possession and even registry will happen. Now after that if they stop who is going to pay Lease Rent ??

For people who are not aware, AS per rules, they can give 1% /year or 10% total for 90 years.

Thanks
July 12 2012 , 04:38 PM   #17
Member

vksharma2020's Avatar
 
Join Date: Nov 2009
Posts: 229
Likes Received: 72
My Mood: Fine

Search Bhai, are the following provisions not clear enough to conclude that you do not require to pay total premium before applying for occupancy certificate:

  • The Lessee shall be required to complete the construction of
    group housing pockets on allotted plot as per approved layout plan and get the occupancy certificate issued from Building Cell Department of the Authority in maximum 5 phases within a period of 7 years from the date of execution of
    lease deed.
  • The Lessee shall have to fulfill the following conditions before the execution of the sub lease of the flats/plots in favour of the individual allottees:

    i. Lessee shall submit the temporary occupancy (completion)
    certificate/ occupancy (completion) certificate of the constructed flats on the allotted plot from the Building Cell of the Authority as
    mentioned in clause-R of this document.
ii. Lessee shall submit No Dues Certificate in accordance with the
payment schedule specified in the Lease Deed from the Accounts Department ( Residential) of the Authority.
July 12 2012 , 04:56 PM   #18
Member

Sideways's Avatar
 
Join Date: Dec 2011
Posts: 98
Likes Received: 26
My Mood: Angelic

Quote:
Originally Posted by search2010
1. There is not even a single project which is part of this 10 years scheme and builder applied for part-completion i.e like phase 1 or phase 2 etc.
2. 3C lotus boluvard is part of this scheme and planning to give possession of phase 1 flats but registry is not happening, now chances are that, reason is same. Authority is asking for full payment and builder is asking for part payment. Things will be clear, once registry of this project will start.
3. Now if any builder default then authority is clear that they have legal rights to cancel that plot allottment.
4. Now one interesting issue will be that is not known to most of the people and that is LEASE RENT , Bulders are paying 1% lease rent for 1 year basis to authority and no builder is writing in written that lease rent which they are charging(as most of them showing free of cost) is for 90 years or not. Now few builders might do one trick, they will keep paying 1% to authority/ year till possession and even registry will happen. Now after that if they stop who is going to pay Lease Rent ??

For people who are not aware, AS per rules, they can give 1% /year or 10% total for 90 years.

Thanks
A minor corr - Its 11% total for 90 years.
July 12 2012 , 05:48 PM   #19
Senior Member

amarakbar's Avatar
 
Join Date: Aug 2010
Posts: 742
Likes Received: 84

Quote:
Originally Posted by search2010
1. There is not even a single project which is part of this 10 years scheme and builder applied for part-completion i.e like phase 1 or phase 2 etc.
Mahagun Maple & Prateek Fedora have got their flats registered and are under 10 year scheme as mentioned in your earlier post.

Does it imply that they have made the complete payment or only paid the installments du till date.
July 12 2012 , 08:21 PM   #20
Veteran Member

ThePunjabi's Avatar
 
Join Date: Mar 2011
Location: Delhi
Posts: 2,083
Likes Received: 784

Quote:
Originally Posted by search2010
4. No where authority has mentioned that how they will secure the interest of individual customers if any builder is going to default in-between or at the time of possesion which is really very dangerous.
Government has kept the rules ambiguous to facilitate the fraud by builders. With so many law officers of all levels in the Noida/GNoida authorities and the high profile lawyers that builders typically retain, I can't find any other reason as to why allotment letters for ALL plots are in such a bad shape from legal angle.
ManGupta likes this.
Choose theme from here -
LinkBack
LinkBack URL LinkBack URL
About LinkBacks About LinkBacks