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Greater Noida Authority Issues Occupancy Certificates for 5,000 Flats

The Greater Noida Authority has issued occupancy certificates for at least 20 housing projects, enabling around 5,000 homebuyers to move into their new apartments and initiate the registry process. This development follows the payment of around ₹100 crore in land cost dues by the real estate developers involved in these projects.

Greater Noida Authority issues occupancy certificates
According to the rules, the authority issues the occupancy certificate to a housing project only after the promoter pays the land cost dues and obtains a no dues-certificate and completes other formalities. (HT ARCHIVE)

Rules and Formalities

The occupancy certificate is issued to a housing project only after the promoter pays the land cost dues and obtains a no dues-certificate. Additionally, the developer must complete other formalities related to fire clearance and lift safety, among others. The Greater Noida Authority has been making efforts to ensure homebuyers receive their units on time and developers complete the projects without delay, according to Ravikumar NG, Chief Executive Officer of the Greater Noida Authority.

Impact on the Real Estate Sector

Realtors believe that obtaining occupancy certificates for 5,000 apartments will create a positive impact on the real estate sector. “Real estate prices have seen a major upswing due to the Noida International Airport project, impacting housing projects positively. As a result, realtors are able to clear land cost dues and obtain occupancy certificates to deliver apartments to homebuyers,” said Ashish Bhutani, Chief Executive Officer of Bhutani Group.

Next Steps for Homebuyers

If you are among the 5,000 homebuyers who have received occupancy certificates, you may now begin the registry process. Consider enlisting the help of a professional real estate agent to guide you through the process and ensure a smooth transition into your new home. With the Greater Noida Authority’s efforts to expedite project completion and delivery, you can look forward to settling into your dream home sooner than expected.

Orginal article: Link To Article – provided by Kansas City Realtors