Thousands of homebuyers in Noida and Greater Noida can get a big gift before Diwali. Builders can give possession of flats under construction before the festival to home buyers. The builders have started preparing to deliver the possession letter earlier than expected. They also do not want to wait for the occupancy certificate from the local administration. According to Rera, 15 to 20 thousand home buyers can get the keys to new homes.
Nearly 20,000 homebuyers in Noida and Greater Noida, who have been waiting for their home dreams for many years, can get the gift of Diwali soon. The builder of the area has started preparing to give possession letters to the home buyers earlier than expected.
The Uttar Pradesh Real Estate Regulatory Authority (RERA) placed an order in September. It was said in this order that if the authority fails to issue the Occupancy Certificate or express any objection within a week of applying, the builder can start giving possession of the flat to the home buyers.
RERA released notification
According to reports, the builders are planning to give flats to homebuyers, based on the order issued by Uttar Pradesh’s Real Estate Regulatory Authority (RERA). In this order, RERA had said that if the authority is unable to give Occupancy Certificate or does not raise objections within a week of receiving the application, the builders can give possession of the flat to the home buyers.
Will get possession soon
According to the rules so far, any builder had to apply to obtain occupancy certificate after completion of the project and could hand over the key of the flat to the home buyers only after the certificate was issued by the authority. The builder then has to apply for a No Objection Certificate (NOC) after paying all the dues and can then complete the registration process. This process will be shortened after RERA’s new notifications.
As per the current rules, any builder has to apply to get an occupancy certificate after completion of the realty project. Only after the Occupancy Certificate was issued from the authority of the area, the builder could hand over the key of the flat to the buyer.
After this, the builder has to apply for No Objection Certificate (NOC) after payment of all dues and receipts. Only then can the developer complete the registration process.