Noida flat registration mandate: New rule secures homebuyers and boosts transparency
The Noida Authority has introduced a new rule, the Noida flat registration mandate, which requires flat registration and a tripartite sale agreement for each new property purchase. This mandate, involving buyers, builders, and the Noida Authority, aims to protect homebuyers and promote transparency in the region’s real estate sector.
Noida’s flat registration mandate: New standards for real estate deals
The Noida flat registration mandate now requires a tripartite agreement among buyers, builders, and the Noida Authority. Signed when the buyer pays 10% of the property cost, this agreement ensures that the Noida Authority is notified immediately about property ownership transfers. Lokesh M, CEO of Noida Authority, explained, “A tripartite agreement between the buyer, builder, and Noida Authority will be executed when 10% of a property’s amount is paid.”
This mandate aligns with Section 13 of the Real Estate (Regulation and Development) Act (RERA), which stops builders from taking over 10% of a property’s cost without an agreement. The Noida flat registration mandate reinforces this requirement and helps build a secure real estate environment.
How the mandate protects homebuyers
The new mandate offers crucial protections for homeowners. Upfront registration stops developers from selling the same unit multiple times, which has caused many disputes in Noida’s real estate market. Also, this rule prevents property resales without notifying the Noida Authority, which discourages tax evasion and keeps all transactions transparent.
Real estate expert PPS Nagar said, “The new rule brings transparency and benefits legitimate buyers the most while preventing tax evasion.” Assistant Inspector General BS Verma added that “builders will no longer be able to change the sale agreement unilaterally.”
Additional measures for Noida’s real estate sector
The Noida Authority has also introduced other measures to support homebuyers. The authority recently rolled out a rehabilitation package to assist developers with defaulting projects. The board also approved new plots for IT/ITeS firms and discussed strategies for recovering dues from stakeholders, strengthening Noida’s real estate sector.
