G Noida issues OCs to 5k flats after realtors clear ₹100 crore dues

g noida issues ocs to 5k flats after realtors clear ₹100 crore dues

According to the rules, the authority issues the occupancy certificate to a housing project only after the promoter pays the land cost dues and obtains a no dues-certificate and completes other formalities.

The Greater Noida authority has issued occupancy certificates to at least 20 housing projects, enabling around 5,000 homebuyers to shift into their new apartments and initiate the process of registry, officials said.

According to the rules, the authority issues the occupancy certificate to a housing project only after the promoter pays the land cost dues and obtains a no dues-certificate and completes other formalities, including those related to fire clearance and lift safety among others.

“In the last four months, the authority has issued OCs to at least 20 housing projects as they paid their respective dues together amounting to around ₹100 crore. We have directed the housing department to issue OCs after a realtor completes all formalities, paving way for the homebuyers to shift into their apartments and then get the property title in their names as per rules. We have been making efforts that homebuyers get their units on time and realtors complete the projects without any delay,” said Ravikumar NG, chief executive officer, Greater Noida authority. At present, around 100 housing projects in Greater Noida have not cleared their land cost dues amounting to nearly ₹14,000 crore , according to the authority.

Meanwhile, realtors said obtaining OCs for 5,000 apartments will create a positive impact on the real estate sector. “Real estate prices have seen a major upswing due to the Noida International airport project, impacting housing projects positively. As a result, realtors are able to clear land cost dues and obtain occupancy certificates to deliver apartments to homebuyers,” said Ashish Bhutani, chief executive officer, Bhutani Group.

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