Quote On Noida Authority’s Recent Decision To Make It Mandatory To Register Flat Purchases Before Advancing More Than 10% Of The Payment.

Spread the love

New Delhi, Delhi, 28th of October, 2024 : Mr. Sahil Aggarwal, CBO, Nimbus Projects Limited

The Noida Authority’s recent decision to require flat registration at the time of initial payment, rather than upon project completion, marks a significant and positive shift in the real estate sector. By mandating registration from the very start, this new policy promotes transparency and accountability from both developers and homebuyers. For developers, it increases the incentive to adhere to project timelines, while for buyers, it provides an additional layer of security and clarity over ownership.

This policy change comes at an opportune moment, as Noida’s real estate market is experiencing heightened demand due to extensive infrastructure developments and the relocation of several multinational corporations to the area. The requirement for early registration will strengthen buyers’ confidence by providing legal reassurance right at the point of investment, reducing uncertainties surrounding possession timelines and project progress.

With these measures, Noida is on its way to establishing itself as a safer, more secure, and reliable destination for real estate investment. This regulatory change underscores the Authority’s commitment to fostering a more structured and buyer-friendly market that benefits all stakeholders involved.

Ravi Nirwal, Sales Director & Principal Partner, Square Yards

“The decision by the Noida Authority to initiate a sale agreement before more than 10% of the collection is a forward-looking measure to safeguard homebuyer interests. By ensuring that buyers are not required to commit a substantial portion of the property value without a formal sale agreement, this move bolsters buyer confidence. Furthermore, the public availability of these documents strengthens transparency around property values, making it easier for buyers to make informed decisions in the market. Noida, being a pivotal residential hub within Delhi NCR, stands to benefit greatly from such initiatives.”