Amit Mohan Prasad, Noida Authority CEO, held a press conference today at its Sector 6 office, announcing that the authority is revising its policy regarding handing over completion certificates to the developers.
Prasad said the authority will now provide temporary completion certificates if the builder deposits 10 per cent of the land dues. This move, he added, will help buyers to get possession of their flats faster. Noida News
The revised policy will, however, be applicable from September 1 to November 30.
“Thus far, the authority could not issue completion certificates to developers owing to massive land dues. But now, it has changed its policy — the builder has to deposit just 10 per cent of the due, and start the process of possession for buyers,” he added. Noida Local News
“Once the builder comes forward for property registration, the authority will demand the remaining 65 per cent of the land due,” Prasad continued. Noida Society News
The developer has to take the completion certificate for a certain number of flats and not for all the flats in the project. The builder will be required to deposit only the pending amount for the land where those particular flats are located. apartment management system
He will need to pay the remaining 65 per cent of the land dues for this specific area, and the Authority will allow registry of the flats in the area. Apartment management software
According to the officials of the Noida Authority, this decision will immediately benefit around 20,000 buyers of 39 projects in Noida.
There are 86 ongoing projects in Noida at this point. Of them, developers have demanded completion certificates for 50 projects from Noida Authority.
