Sector 108 Property

With demonetisation, the real estate sector witnessed a disruption of sorts especially because real estate sector happens to be one of the most sentiment-driven business too. Given that the sector's contribution towards the GDP is considerable, the industry couldn't afford the uncertainty for long. Within the industry, stakeholders will agree that 2017 did see a consolidation within the industry with multiple developers combining forces to sustain through RERA implementation.

The Greater Noida Industrial Development Authority is ready to allot 1,246 possession-ready homes, starting October 10. Affordably priced between Rs 28-74 lakh, these 1, 2 and 3BHK units are located at Sector 12 and Omicron 1. The scheme was launched on October 2 and will close on November 12 this year.

The Noida Authority has approved the conversion of all properties from leasehold to freehold. A final decision was taken by the authority board on November 1, after examining a report prepared by consultancy firm Ernst and Young to check the viability of such a move. The decision would now need the Uttar Pradesh government's approval. Once approved, the move could help the cash-strapped authority to earn a significant amount of funds that would be used to improve the city infrastructure.

A developer in Noida is liable to execute the sub-lease deed of a flat to a buyer within 15 months of receiving the Occupation Certificate. For every day of delay after the 15-month deadline, a penalty of Rs 50 per day will be levied for flats sized under 100 square metre and Rs 100 per day for flats larger than 100 square metre. Meanwhile, home buyers are asking for a stamp duty waiver, too.

Since September this year, the Greater Noida Bench of the RERA has heard 600 cases while the Lucknow Bench has heard 500 cases. The UP-RERA has directed many builders to pay penalty interest for undue delays. It has also directed many builders to pay penalty interest for undue delays. Hundreds of cases are being taken up by the authority. Preliminary investigation in several cases reveals that the builders may have diverted the funds.