YEIDA, to act against 100 erring Greater Noida builders

The Greater Noida and Yamuna Highway Authorities are deliberately taking action against erring builders who have failed to abide by the deadlines to deliver possession to homebuyers, and are yet payoff the outstanding dues, which amounts to more than Rs 10,000 crore, to both the Regulators.

While a committee was established last week to look into the concerns being faced by the homebuyers and the realty sector; the legal departments of the 2 Regulators were consulted by the committee on Monday to discuss if criminal proceedings can be initiated against more than 100 building contractors in the two areas.

Based on the officials, the four-member is constituted by Meerut commissioner Dr Prabhat Kumar, who also retains charge as the chairperson of Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA), has recently been tasked to learn all options available to retrieve dues from the defaulting developers.

The commissioner further added that they have recently been asked by the panel to also study the parts of the Indian Penal Code under which criminal proceedings can be initiated against this defaulter real estate developers in Noida.  An official also said that the committee is concentrated on sorting out the difficulties being faced by the homebuyers including delayed ownership. The committee is expected to submit the report to Kumar in a week.

A meeting was held to discuss the project settlement policy, which started in October last year to provide some relief to the homebuyers, by Amit Mohan Prasad, CEO of Noida and Greater Noida Regulators on April 24. The goal was to come up with a workable solution to break the impasse between customers and builders in all the three areas of Gautam Budh Nagar. A report of the meeting revealed a possible solution shall be presented to senior officials in Lucknow on April 26.

Meanwhile, a group of homebuyers who have invested residential property in  Noida area's Chi-5 also met Kumar on April 24. According to a homebuyer he has apprised the chairperson of your problems including away devoid of been given ownership of our homes booked way back in 2011. The contractor was going to deliver 700 residential units in August 2015, however, until now only 20% construction has been carried out. Several builders said that they do not have money to complete the project, but what should the 350 people do who are stuck in this situation do?

This move reflects that the coming days will surely bring some good news for the home buyers and market of propertyin Noida.

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5 tips to find right tenant in Noida

Noida is one of the largest industrial hubs in Asia. The city has the largest number of manufacturing units, MNCs and corporate houses of many companies. This gives rise to migrated population in the city. People coming to Noida for employment usually live in rented houses. This is the reason property investors in India buy second and third homes just to use them as a rental property.  But just buying an extra residential apartment is not enough to earn rental income.

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Apart from largest industrial hubs, Noida is also a city with a high number of crimes. This makes really important for the landlords to carefully choose tenants and rent their flats. One mistake in the selection of a tenant not just causes them financial loss but can also pose risk for other residents in the society. If you have extra propertyin Noida and want to use it as rental home, read below some tips to find a reliable and right tenant

Research: Before starting a discussion with the tenants, you must be aware of the ongoing rent in the society. Tenants usually talk to many landlords and have complete knowledge of trending rents. So you should quote a price that is in sync. Though you can also demand more rent, but this is possible only when you are offering some extra features like a fully furnished apartment or more area than other flats in the society.

Police verification: In this time, when crimes by tenants are increasing, you should never rent out your home without proper police verification. Fill the form and submit it at the local police station with all valid identity proofs of the tenant. Police will further verify the background and details provided by the tenant to provide you approval.

Advertisement: In today’s digital world, you have many options to let people know about a vacant home. You can either paste a notice on your society’s gate or can update local brokers. If you don’t want to share your money with the brokers, you can list your residential property in Noida on different real estate websites.

Rent agreement: Usually, the brokers get rent agreement with clear mention of all the points including due date of rent, mode of payment, duration of lease and consequences of canceling the lease before 11 months.

Register the agreement: Getting the rent agreement registered can be helpful in many situations. A registered rent agreement makes a more valid document in court as compared to a notarized agreement. Usually, landlords have to bear the stamp duty charges, but if you want you can also share it with the tenant. If you have invested in Noida Expressway projects and want to use them as rental property, you must get rent agreements registered as this area has more fraud cases.