Builders' details to be uploaded on government websites
Nov 20, 2013
Source : The Times of India


NOIDA: In a move that will aid buyers in choosing legally sound projects, the Noida, Greater Noida and Yamuna authorities are planning to upload details of all builders constructing housing projects on their official websites. The decision was taken after Uttar Pradesh chief minister Akhilesh Yadav directed the authorities to ensure protection for buyers and design a route to evade property-related cheatings.

The chairman of Noida, Greater Noida and Yamuna Expressway authorities, Rama Raman, said directions have been issued to start the process to buy server space for the websites to upload property-related details.

Aggrieved buyers have been demanding for a long time that details of all builders' projectsshould be made available online. "Checking legality of land and developers projects would be just a click away. We have planned to upload all land ownership and title-related details on our website. Apart from that, lease deed conditions, status of sanctioning building layout plan and other NOCs and notices issued to developers will also be uploaded," said Rama Raman.

"We have also asked the developers to upload the sanctioned layout plan copy and other approvals on their company websites as well," Raman added. "We hope to complete the entire process by the year end," said Manoj Rai, OSD, Noida Authority.

"The region has become a den for land sharks who have been cheating innocent investors. Even though several property frauds have been committed, they have hardly been reported due to laxity by police and authorities," said a homebuyer.

Developers have welcomed the decision and hope this would be a great step towards ensuring transparency. "This move will instill confidence in the real estate sector. Now buyers will be able to identify genuine developers from fraudulent ones. Apart from that, this decision will increase the faith of investors in the real estate market in this region," said Vijay Gupta of Orris Infrastructure.

"This move will undoubtedly be a significant tool for all prospective buyers to understand the nature of projects in a better manner. Incomplete information is more harmful than no information. Hence, availability of information on authorities' website would enable buyers to take a better decision towards their investment," said Brijesh Bhanote, director (sales & marketing), The 3C Company.

The association of developers, CREDAI, now hopes to get NRIs to invest in the projects. "An investor sitting kilometres away from Noida would be able to check the legality through authentic government websites," said RK Arora, CMD Supertech and vice-president CREDAI (Western UP).


Latest Realty News

Duped homebuyers still paying EMIs
Nov 20, 2013
NOIDA: For the last two years, homebuyers have been fighting a legal battle with little hope of finding reprieve and recovering their hard-earned money. Even as more than 300 buyers — who invested in Shiv Kala Charms housing project in Greater Noida — wait to get justice, they continue to pay lakhs towards EMIs towards home loans.
Constructions flood Yamuna bed in Delhi
Nov 20, 2013
DELHI: Buildings are being constructed nonstop at Jaitpur Extension in absolute violation of Delhi Development Authority’s order to stop fresh property construction in Yamuna river zone.
Noida Extension: the real estate hot spot
Nov 20, 2013
DELHI: Noida Extension a 4,000-acre land chunk, with Ghaziabad, the Hindon River and a few sectors of Greater Noida around its boundaries, is today buzzing with activity as almost 75 real estate developers are ready with a slew of projects offering 1/2/3 BHK housing properties at affordable rates.
Part 1: Basics about mortgage of immovable property
Nov 20, 2013
DELHI: While all of us have heard about mortgage, little is known to a common man about it and its implications. Chapter IV of the Transfer of Property Act, 1882, defines various types of mortgages, rights and liabilities of mortgagor and mortgagee, its redemption and charges etc. There are at least six main mortgage types.
Part II: Basics about Mortgage of Immovable Property
Nov 20, 2013
DELHI: While all of us have heard about mortgage, little is known to a common about it and its implications. Chapter IV of the Transfer of Property Act, 1882, defines various types of mortgages, rights and liabilities of mortgagor and mortgagee, its redemption and charges etc.
Unitech sales bookings fall by 53% in H1 FY14 due to slowdown
Nov 19, 2013
DELHI: Realty major Unitech Ltd's sales bookings have dropped by 53% during first six months of this fiscal at Rs 717 crore due to slowdown in the property market.
Festival season bypasses real estate
Nov 19, 2013
MUMBAI: The real estate sector witnessing weak demand and burdened with oversupply in various pockets across the country looked up to the festive season this year to bring back some cheer. Dussehra and Diwali are behind us, and initial reports suggest that the season did not turn out as expected.
Despite slowdown, listed developers see signs of relief
Nov 19, 2013
DELHI: Despite a weak property market, most listed developers reported better cash collections and lower interest expenses in the September quarter, as they handed over several projects to customers and reduced or refinanced debt.
Noida Authority to allot 866 unused flats in December
Nov 18, 2013
DELHI: The Noida Authority is likely to launch its much-awaited scheme for allotting 866 flats in the first week of December. Officials said that as part of the scheme, there will be 41 flats for middle-income group (MIG), 47 for high-income group (HIG), 143 for low-income group (LIG), 150 for economic weaker sections (EWS) and 485 for Shramik Kunj categories. These flats are located in Sectors 67, 73, 93, 99, 100, 110, 122 and 135.
Technology driven construction for real estate developers
Nov 18, 2013
DELHI: Engineering in the real estate segment has expedited real estate players to develop propelled national and global infrastructures.

Latest Realty News Of State

Realty Talk's