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.

Owners of residential property in Noida urge UP’s new CM to revoke diluted RERA rules

Home buyers have appealed to Yogi Adityanath, the fresh appointed chief minister of Uttar Pradesh, to revoke the diluted land regulative Act (RERA) rules notified by the erstwhile government of the state and notify fresh rules in lines with the rules set by the Centre.

While home buyer's body Noida Extension Flat homeowners Welfare Association (Nefowa) has already written a letter to the UP chief minister these days, with RERA being one of their major demands, another association Fight for RERA had tweeted to the CM on 19^th March with its demands and is additionally writing a letter to apprise him of things, that it intends to dispatched during this month. If this happens then, it would provide a major boost to the Property in Noida.

The president of Nefowa stated that the RERA rules in UP ought to be notified with none dilution and therefore the real estate authority ought to be established in a very clear and timely manner.

Massive mandate for BJP in Uttar Pradesh has raised hopes and expectations of the homebuyers across the nation. Revoking the principles won't solely boost the feelings of homebuyers across the country, however, also will boost the belief of voters on Prime Minsiter generally and your Government specially.

Nefowa in its letter has additionally demanded audit of the Noida and bigger Noida Authorities by the (CAG) and investigation of the corrupt officers by the Central Bureau of Investigation (CBI). The authority has further asked the UP CM to get rid of the entire senior and junior officers of Noida and Greater Noida Authorities as they have worked for the builders in noida more than home buyers.

The association has additionally urged Adityanath to instruct the builders to expedite project in noida construction, strictly follow the UP Apartment Act and provides compensation for delay to the buyers. The Real Estate (Regulation & Development) Act, 2016 was notified by the ministry of housing & urban poverty alleviation (HUPA) on May 1 last year for the six Union Territories while not assembly. The HUPA rules additionally can act because of the model rules for different states.

While Uttar Pradesh was the primary among the states to notify this rules, it diluted the Act taking many in progresses projects comes out of regulative body’s purview additionally as decreasing the penalty for offences.

Prime minister Narendra Modi recently had raised the difficulty of the many homebuyers in NCR being duped by the builder lobby United Nations agency don't deliver the flats on time at his Ghaziabad rally for UP elections. The new elected CM of UP from his party has the responsibility to keep the faith of the home buyers in the state. Hope this will provide some respite to the individuals who plan to buy flats in Noida.

A big jolt to 5-storeyed residential property in Noida

Noida Authority on Thursday has said that it will crush an unapproved assembling, which houses five stories, in sector 80 of the city. The Authority has issued a notice to the designer developing working in the region bordering Nangla Charandas town, situated in stage II of Noida. The designer has been requested to evacuate the unapproved development inside seven days fizzling which the building will be destroyed to the ground by the Authority. This is obviously not a pleasant news for the, realestate in Noida.

Specialist authorities said that the building has been developed on Noida's notified land. "Nobody other than Noida Authority can give consent for the development on this land and no authorization has been conceded by us to the building based on Khasra numbers 115 and 128," B.K Singh, extend design, Work Circle-7, Noida Authority, who drove the group for fixing the premises confirmed that the authority have been sending notification to the manufacturer since July 2015 to stop all development, yet the engineer has not paid any notice.

Singh additionally said that the engineer, M/s Nimi Homes Private Limited has been served notice for undertaking the unlawful development. "We have requested that they stop all developments with prompt impact and evacuate the structure they have built till now," Singh said. Further, the authority announced that the builders in noida have been given a seven day take note. On the off chance that they neglect to evacuate the illicit development, our groups will move in, wreck the structure, bulldoze it to the ground and furthermore charge an expense for expelling it.

Authorities additionally said that the developer had built five stories, which included 106 private pads and around 26 shops on the ground floor. "100 pads were empty, while six units were involved. We have solicited the tenants from the six units to empty the premises instantly. As of now, the completing is being done of the building," said Singh. On being tested about the destiny of the homebuyers of the six units, Singh said that we have requested that they look for legal respite.

There are several properties in Noida which are constructed with 5 or more stories and with this recent development the real estate industry with surely have an adverse effect. But if the authority has taken a step, it will probably regularize the industry as a whole.