GNIDA mandates builder-buyer agreement registry to enhance home buyer protection
GREATER NOIDA: Aiming to safeguard the interest of home buyers, the Greater Noida Industrial Development Authority (GNIDA) Board on Sunday has mandated to register the builder-buyer agreement upon payment of 10 per cent of the total price of the property.
“The decision aims to protect the interests of buyers and provide them with a legal document. The buyer will be required to pay the full stamp duty at the time of the Agreement to Sell, and once they receive possession of the flat, it will be registered,” said Ravi Kumar NG, CEO of Greater Noida Authority.
The decision was taken during GNIDA’s 136th board meeting held on Sunday. The meeting was chaired by Greater Noida Authority chairman and state Chief Secretary Manoj Kumar Singh, and was attended by various officials, including Greater Noida Authority CEO NG Ravi Kumar, Noida Authority CEO Lokesh M and Yamuna Authority CEO Arunvir Singh. The authority board also discussed on the latest report on the legacy project policy, which has benefited 73 builder projects so far.
“So far 30477 people have got ownership rights through the policy of legacy project. From February until now, 8106 flats have been registered, allowing buyers to obtain their homes. The target is to get the 8000 more flats registered by March 2025,” a senior GNIDA officer said. The Greater Noida Authority Board has also provided relief to original allottees and subsequent members who bought houses in the Senior Citizen Society. “The board has given its consent to register the flats in the name of such buyers. Out of the total 845 flats in the society, 190 have been registered so far. The authority is conducting registration camps on the society premises itself,” the officer added
The officer also informed that Gangajal is currently being supplied to 50 out of 58 residential sectors under the 85 cusec Gangajal project. The supply will be extended to all 58 sectors by the end of this year. Additionally, work has begun on a plan to deliver Gangajal to Greater Noida West, with three reservoirs already constructed in the area.
