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Jeevan Prakash Sharma

jeevan.sharma@hindustantimes.com
A
round 600 apart-
ment buyers in
Noida have not
received title
rights even after
paying up for the houses in
Omaxe Grandwoods project.
Residents such as Prakash
PVS, a software engineer, say
when they made the final
payment of 5% on possession,
they expected a sub-lease
deed to be executed in their
favour for ownership of the
apartments. However, we
were shocked when the
developer directed us to fur-
nish an affidavit declaring
that we were taking tempo-
rary possession for nine
months to carry out interior
fit-outs/furnishing work etc.
When we refused and insist-
ed on a sub-lease (all land in
Noida is leasehold which the
developer gets on lease from
the Noida Authority), we
were told that we would not
be allowed to enter our
homes, alleges Prakash.
When possession is given,
buyers have to make the final
payment for the flat before
the developer executes a sub-
lease/sale deed to give legal
ownership of the flat.
Since they wanted to move
into their homes as they were
paying EMIs and renting
properties elsewhere,
Prakash and other buyers
signed the affidavit. They
then filed RTI applications
and petitions in the
Allahabad High Court to find
out the reason for the tem-
porary possession.
We found out that Omaxe
had defaulted on payment of
around R165 crore to the
Noida Authority for the cost
of land in various instalments
by 2010, even though pay-
ment for the flats had been
collected, says Ashish Kaul,
a buyer who refused to sign
the affidavit.
According to the terms of
the lease agreement between
Noida Authority and the
developer, until the latter
clears all its dues with the
former, the process for sub-
lease deed execution cannot
be initiated. Noida Authority
is the land-owning agency
while Omaxe is the lessee. So,
it is the land owning agency
which has to give the permis-
sion to the lessee to execute a
sub-lease in favour of the
home buyer.
When contacted, Omaxe
dismissed all allegations, say-
ing that the delay in the exe-
cution of the sub-lease deed
was not due to any default in
payment.
Due to several reasons
such as the model code of
conduct before UP elections,
shuffling of officers in Noida
Continued on page 5
Faridabad >>p 03
whatsinside
NEW DELHI , SATURDAY APRI L 06, 201 3, 8 PAGES www. hi ndust ant i mes. com
1
Ghaziabad and Faridabad >>p05
2
RENT & CAPITAL RATES
Sarita Vihar >>p 05
3
AREA WATCH
PROJECT TRACKER
3
2
1
Location Rental (per sq ft*) Capital (per sq ft*)
Sector 1 11-17 7000-9000
Sector 2 11-13 9000-10000
Sector 3 10-12 9000-10000
Sector 4 11-12 9000-10000
Sector 5 11-12 9000-10000
Sector 6 11-12 9000-10000
Sector 7 10-12 8000-10000
Sector 8 10-12 9000-11000
Sector 9 11-13 8000-10000
Sector 10 11-12 9000-10000
Sector 11 12-13 10000-12000
Sector 12 11-13 9000-11000
Sector 13 11-13 8000-10000
Sector 14 13-15 8000-10000
RENT AND CAPITAL RATES
DWARKA (RESIDENTIAL)
cut out and keep
takefive
all about leasehold property in Noida
Noida is the land-owning agency: Noida
Authority acquires land from farmers and leases it out to
developers for construction, but in other NCR areas,
developers buy freehold land directly from the landowners
Authority levies transfer charge:
Whenever a new lease or sub-lease deed is executed, the
new lessee or sub-lessee has to pay a hefty sum to the
Noida Authority as transfer charge
Agreement to sub-lease: Legal experts say that
both government and homebuyers will benefit if a tripartite
agreement to sub-lease is signed with the Noida Authority
(landowner), builder (lessee) and flat buyer (sub-lessee)
and registered at the sub-registrars office
It is all about the lease: Developers in Noida
are not free to dispose of the land or any flat there. They
are merely lessees and if they want to create any third
party right in the property they have to get the permission
of the Authority to do so
Builder-buyer agreement: Though a developer
signs a builder-buyer agreement with the homebuyers for
the sale of its flats, the Noida Authority has nothing to do
with the agreement as it is not accountable to the buyer
Can the Noida Authority help
consumers in this case? How?
Post your answer at
facebook.com/HTEstates
Have your say
Residents in a premium project in Noida do not have title rights to their apartments as the
Noida Authority refuses to give the developer sub-lease rights for non-payment of dues
www.facebook.com/htestates
BICYCLE
MASTER PLAN
The benefits of
such a plan are
safer streets
and reduced
pollution
WHEN YOUR HOME
IS NOT YOUROWN
>>page 03
Ownership
hassles: Nearly
600 apartment
buyers in Noida have
been left in the lurch
for no fault of theirs
O
n the role the
Noida Authority
can play in
redressing buyers griev-
ances, CEO Rama Raman
says that the only thing
they can do is force
builders to pay their dues
by issuing notices.
A notice has been
issued by the Authority
to Omaxe (see box).
At the most, we can
cancel the lease deed and
take over the project but
that will lead to further
complications for the
homebuyers, so we are
trying to compel the devel-
opers to pay their dues on
time, says Raman.
He adds, Its not that
until they make the full
payment, we wont allow
them to execute the sub-
lease. If they are paying
their instalments on time,
we will give them the per-
mission for sub-lease for
any construction which is
complete till that time.
Many residents argue
that some drastic steps
need to be taken to
restore the end-users
confidence in the housing
sector. The state is
under obligation to
ensure that its citizens do
not suffer due to lack of
due diligence and project
monitoring by authori-
ties. It is important to
ensure that the housing
projects are completed
on time, even if any pro-
moter falters, suggests
Sudhir Sood, another flat
buyer of Omaxe
Grandwoods.
Jeevan Prakash Sharma
NOIDA AUTHORITY
CAN JUST ISSUE
NOTICES
Affidavit for temporary possession
Noida Authoritys notice to developer
* THE RATES, IN RUPEES, ARE INDICATIVE ONLY SOURCE: MAKAAN.COM
A showcause notice (above) from the Authority asking the buyer to explain how possession of apart-
ments has been granted without execution of a sub-lease deed
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