by Vibha Mishra 
In a bold move that promises to reshape Noida’s real estate landscape, the Noida Authority has unveiled a proposed policy that could allow flat owners to register their properties even without possessing an Occupancy Certificate (OC) or a Completion Certificate (CC). While this policy is currently in its draft stage, its impending implementation is expected to bring about significant changes in property transactions.
The driving force behind this policy innovation is the urgent need to tackle the persistent issue of prolonged delays in obtaining OCs and CCs from Noida authority. These delays, often tied to pending dues by the developers, the approvals, and developer non-compliance with building regulations, have left homebuyers in limbo for extended periods. This policy comes with the property owners benefits. Property owners facing hurdles in selling or renting their units due to the absence of these crucial certificates.
The proposed policy, once realized, will allow homebuyers to register their flats without OCs or CCs, provided the developer has secured a No-Objection Certificate (NOC) from the Noida Authority. This NOC would serve as an assurance that the building has been constructed as per the approved plans and adheres to safety standards, making it suitable for occupancy. The direct benefit? Homebuyers can swiftly move into their new dwellings, alleviating the financial burden of managing rent or Equated Monthly Installments (EMIs) on properties they cannot yet put on the market.
However, alongside its potential advantages, there are notable risks associated with this policy shift. One primary concern is the possibility of homebuyers acquiring flats in buildings that may not meet safety standards. To mitigate this, it is imperative to verify that the developer has indeed obtained a valid NOC from the Noida Authority prior to proceeding with flat registration. Another significant risk is the potential for developers to default on their loans, which could lead to foreclosure. In such a scenario, homebuyers could find themselves without legal recourse to recover their investments.
While the proposal to allow flat registration without OCs or CCs is a commendable stride towards addressing delays in obtaining these certificates, it is essential for potential buyers to exercise caution and due diligence.
Here are a few key considerations for those contemplating the purchase of a flat in Noida under this policy:
Engage a Qualified Engineer: Conduct a thorough inspection of the building through a qualified engineer, ensuring its structural integrity and adherence to safety norms.
Evaluate Developer Credibility: Investigate the developer’s track record and financial stability to ensure a reliable investment.
Secure a Noida NOC: Prioritize obtaining a No-Objection Certificate from the Noida Authority before initiating the flat registration process.
Embrace Informed Risk: Be prepared to assume a certain degree of risk associated with this policy, balancing potential benefits with possible drawbacks.
In conclusion, the Noida Authority’s proposed policy to allow flat registration without OCs or CCs reflects a progressive approach to addressing industry challenges. While this move has the potential to expedite property transactions and benefit homebuyers, it is crucial for individuals to proceed with careful consideration, armed with a solid understanding of both the policy’s advantages and its inherent risks. As Noida’s real estate sector braces for this transformative change, potential buyers and stakeholders alike must tread the path of prudence to ensure a secure and prosperous investment journey.
Disclaimer: The proposed policy discussed is currently in its draft stage, and individuals should proceed with caution and careful consideration. The author & company are not liable for any actions taken based on the information provided in this article.
