The Noida authority is planning to form a dedicated cell for investors and homebuyers, which will inform them about the legal status of a realty project.
The cell will be designed to protect the buyers from getting harassed and cheated by realtors. The buyers will be able to get necessary details about any particular housing project.
Amit Mohan Prasad, CEO, Noida Authority, said: "In order to ensure transparency in the public work, we have come up with an idea to form such a cell which will protect buyers' interest. We are discussing the formation of the cell, its objective and scope. We may take a nominal fees of somewhere between Rs 100 to Rs 500. The information seeker will get the details within seven days".
Such a cell is required in Noida because many developers build illegal housing projects without getting the necessary approvals from the authority.
Unsuspecting buyers, who invest their lifetime savings into a realty project, often remains totally unaware of the malpractices resorted to by the builder.
In the end, the homebuyers suffer when the authority seals or demolishes the illegal housing projects.
"The objective of the cell will be to furnish desired details about a particular housing project to an investor or homebuyer. The cell will help homebuyers who at times are cheated by realtors who develop illegal housing projects. Though we have not set a deadline yet for the formation of the cell, we will do it soon" added Prasad.
The need for forming such a cell is aimed at protecting the interests of thousands of homebuyers across the city, many of whom get cheated by unscrupulous builders.
With the introduction of the investors' cell, prospective buyers would have access to details about a project stuck for any reason and whether it has any land dues or not.
Currently, there are around 80 housing projects in limbo Noida due to various reasons.
The Noida authority needs to recover Rs 7,200 crore in land dues from builders. The cell will stop buyers from investing in a defaulter builder's project.