home buyers A big decision has come in favor of. Actually, Greater Noida Authority has decided that at the time of flat booking, the agreement between the builder and the buyer, i.e. builder-agreement, will have to be registered. That means, the buyer will have to pay the full stamp duty for registration of the flat at the time of booking. Later, when the possession of the flat will be obtained, only the stamp paper of Rs 100 will be registered. This decision will benefit home buyers as they will be the legal owner of the flat along with booking it. He will have legal documents. If later there is a problem in the construction of the project, then with that legal paper the home buyers will be able to present their case strongly. Let us tell you that Yamuna Expressway Authority and Noida Authority have already implemented this initiative. Now Greater Noida Authority has implemented it.
Builders will not be able to cancel flats as per their wish.
Real estate experts say that having legal documents at the time of booking will not allow the builder to do as he pleases. He will not be able to cancel the flat of any buyer on his own will. Buyers will have valid documents to fight the legal battle. At the same time, if the builder makes any mistake or makes changes in the project during the construction of the project, then he will be able to easily complain about it to the authority. Then the authority will step in and stop the builder from doing wrong. Under the new rules, the authority will have the same responsibility as the builder.
Increase in circle rate will not have any effect
Till now many projects are taking many years to be built. Many projects are running with a delay of 10 to 15 years. Meanwhile, the authority is increasing the circle rates. Due to this the cost of registry is increasing. The burden of this is falling on home buyers. By depositing the registry cost at the time of booking, buyers will not be affected by the increase in circle rate later. The registry department will also benefit from this. The registry department will also get the stamp duty on time. Till now, registration of the flat is possible only after payment of the total price.
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