Details of developers to be available online
On a move to ensure protection to homebuyers, the Noida, Greater Noida and Yamuna Expressway authorities are looking to make all builders-related details available to the public easily. The move is believed to help the buyers in choosing legally compliant projects and thereby their investments will not be a waste.
The authority of NOIDA, the Greater Noida Industrial Development Authority (GNIDA) and the Yamuna Expressway Industrial Development Authority (YEIDA) are planning to increase transparency in real estate deals. The builders developing real estate projects in the areas covered under these authorities will have to upload all the details related to the projects on the official websites.
Why this move?
This decision came in after the Uttar Pradesh government ordered that the respective authorities have to protect the buyers in the areas under their jurisdiction. Although many distressed buyers had been requesting to adopt such measures from quite a long time, the authorities had not initiated anything to ease the process. However, now the authorities have started heading towards finding ways to prevent buyers from property-related frauds.
Authorities all set to start the process
The authorities have already issued directions to start the process to buy server space for the websites to upload property-related details, revealed Mr. Rama Raman, the chairman of Noida, Greater Noida and Yamuna Expressway authorities.
With this move, checking the legality of land and developer of a project would be much easier. All land-ownership and title-related details will be made available on the websites, said Rama Raman. Not only these, but also other information including the lease deed conditions, status and other details regarding sanctioning of building layout plan required no objection certificates (NOCs) and other notices issued to the developers, etc. will be made available on the websites. The authorities have even directed the builders to upload copies of various approvals and sanctioned plans on their own websites.
When will the process start?
The officials of the Noida Authority have been working towards this process and are hopeful that it would be completed by the end of this year. So those planning to invest in the New Year can expect that the authorities would be an excellent aid to them during their property purchase.
What are the benefits?
There have been several cases of fraud in real estate as there are no trusted ways to find out the truthfulness of the developers. Innocent buyers fail in identifying cheaters and often get deceived by land sharks and arty builders. And because of the carelessness of police and authorities, many such cases are not getting reported.
With the new measure taken up by the authorities, buyers will be able to distinguish between genuine developers and the fraudulent ones. The decision enhances the buyers’ will hold their faith in the sector firmly. By comparing the available information, the investors will be at ease to choose the right projects from the lot. They can understand the projects in a better way and thereby end up making a better decision.
If the details related to the financial conditions of developers are also given in the websites, it helps the buyers to estimate whether the project would complete within said time or will it get delayed.
Moreover, the move is likely to boost up the interest of NRI investors to invest in Indian real estate market. An investor sitting far away, can also access the details of developers and projects through authentic websites.
