8/13/2019 Hindustan Times (Delhi)(2013!04!06) Page57

1/1

Jeevan Prakash Sharma jeevan.sharma@hindustantimes.com

Around 600 apart-ment buyers inNoida have notreceived titlerights even after

paying up for the houses inOmaxe Grandwoods project.

Residents such as PrakashPVS, a software engineer, say

when they made the finalpayment of 5% on possession,they expected a sub-leasedeed to be executed in theirfavour for ownership of theapartments. However, we

were shocked when thedeveloper directed us to fur-nish an affidavit declaringthat we were taking tempo-rary possession for ninemonths to carry out interiorfit-outs/furnishing work etc.When we refused and insist-ed on a sub-lease (all land inNoida is leasehold which thedeveloper gets on lease fromthe Noida Authority), we

were told that we would notbe allowed to enter our

homes, alleges Prakash.When possession is given,

buyers have to make the finalpayment for the flat beforethe developer executes a sub-lease/sale deed to give legalownership of the flat.

Since they wanted to moveinto their homes as they werepaying EMIs and renting

properties elsewhere,Prakash and other buyerssigned the affidavit. Theythen filed RTI applicationsand petitions in the

Allahabad High Court to findout the reason for the tem-porary possession.

We found out that Omaxehad defaulted on payment of

around R165 crore to theNoida Authority for the costof land in various instalments

by 2010, even though pay-ment for the flats had beencollected, says Ashish Kaul,a buyer who refused to signthe affidavit.

According to the terms ofthe lease agreement between

Noida Authority and thedeveloper, until the latterclears all its dues with theformer, the process for sub-lease deed execution cannot

be initiated. Noida Authorityis 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 asub-lease in favour of thehome buyer.

When contacted, Omaxedismissed all allegations, say-ing that the delay in the exe-cution of the sub-lease deed

was not due to any default inpayment.

Due to several reasonssuch as the model code ofconduct before UP elections,shuffling of officers in Noida

Continued on page 5

Faridabad >>p 03

whatsinside

NEW DELHI, SATURDAY APRIL 06, 2013, 8 PAGES www.hindustantimes.com

1Ghaziabad and Faridabad >>p052RENT & CAPITAL RATES

Sarita Vihar >>p 053AREA WATCH

PROJECT TRACKER

321

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 RATESDWARKA (RESIDENTIAL)

cut out and keep

takefive

all about leasehold property in NoidaNoida is the land-owning agency: NoidaAuthority acquires land from farmers and leases it out todevelopers 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, thenew lessee or sub-lessee has to pay a hefty sum to theNoida Authority as transfer charge

Agreement to sub-lease: Legal experts say that

both government and homebuyers will benefit if a tripartiteagreement 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 Noidaare not free to dispose of the land or any flat there. Theyare merely lessees and if they want to create any thirdparty right in the property they have to get the permissionof the Authority to do so

Builder-buyer agreement: Though a developersigns a builder-buyer agreement with the homebuyers forthe sale of its flats, the Noida Authority has nothing to dowith the agreement as it is not accountable to the buyer

Can the Noida Authority helpconsumers in this case? How?Post your answer atfacebook.com/HTEstates

Have your say

Residents in a premium project in Noida do not have title rights to their apartments as theNoida Authority refuses to give the developer sub-lease rights for non-payment of dues

www.facebook.com/htestates

BICYCLE

MASTER PLAN

The benefits ofsuch a plan aresafer streetsand reducedpollution

WHEN YOUR HOMEIS NOT YOUR OWN

>>page 03

Ownershiphassles:Nearly

600 apartmentbuyers in Noida havebeen left in the lurchfor no fault of theirs

On the role theNoida Authoritycan play in

redressing buyers griev-ances, CEO Rama Ramansays that the only thingthey can do is force

builders to pay their duesby issuing notices.

A notice has beenissued by the Authorityto Omaxe (see box).

At the most, we cancancel the lease deed andtake over the project butthat will lead to furthercomplications for thehomebuyers, so we aretrying to compel the devel-opers to pay their dues ontime, says Raman.

He adds, Its not thatuntil they make the fullpayment, we wont allowthem to execute the sub-lease. If they are payingtheir instalments on time,

we will give them the per-mission for sub-lease forany construction which iscomplete till that time.

Many residents arguethat some drastic stepsneed to be taken torestore the end-usersconfidence in the housingsector. The state isunder obligation toensure that its citizens donot suffer due to lack ofdue diligence and projectmonitoring by authori-ties. It is important toensure that the housingprojects are completedon time, even if any pro-moter falters, suggestsSudhir Sood, another flat

buyer of OmaxeGrandwoods.

Jeevan Prakash Sharma

NOIDA AUTHORITYCAN JUST ISSUENOTICES

Affidavit for temporary possession

Noida Authoritys notice to developer

* THE RATES, IN RUPEES, ARE INDICATIVE ONLY SOU RCE: MAK AAN.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

Printed and d istr ibuted by NewspaperDirect

C O P Y R I G H T A N D P R O T E C T E D B Y A P P L I C A B L E L A W

w ww .n ew sp ap er di re ct .c om I nt er n. : 8 00 .6 36 4. 63 64US/Can: 1.877.980.4040 ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL COPY ORI GINAL C