Ensuring transparency in real estate: Noida projects to be on official websites
Jul 17, 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 who are 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 . Officials have now started the process to buy addition server space for the websites to accommodate such changes.

TOI has raised this issue extensively and aggrieved buyers have been demanding for a long time that details of all builders' projects should be made available online. "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 the developers will also be uploaded . We are going to purchase additional space for our website for the purpose," said Noida Authority OSD, Manoj Rai, on Tuesday.

"In the recent past, Noida and Greater Noida have become a den for land sharks who have been cheating innocent investors . Even though several property-related frauds have been committed, they have hardly been reported due to laxity on part of the police and authorities who do not pay any heed to complaints of the buyers," said a homebuyer.

While one section of developers have opposed this move, others have welcomes this decision as it would ensure transparency in operations. "We welcome the move by the Noida, Greater Noida and Yamuna authorities who have collectively decided to upload the relevant details about projects of all builders on their respective websites. This will undoubtedly be a significant tool for all prospective buyers to understand the nature of the projects in a better manner. We all know incomplete information is more harmful than no information . Hence, availability of such information on the websites of the authorities would enable buyers to take a wise decision towards their investment," said Brijesh Bhanote, director sales &marketing, The 3C Company.

Another developer said that this would be a great step towards ensuring transparency. "This is a welcome move for instilling 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 Amit Gupta, MD Orris Infrastructure and member Assocham.


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