‘You have to be care­ful’

HT Estates - - Front Page -

Iam a busi­ness­man liv­ing in Noida. What I have learnt is that ev­ery in­vest­ment dur­ing the Navra­tra is not a fruit­ful one. One should do due dili­gence be­fore buy­ing a house. Four years ago, I had bought a 2BHK flat in a group hous­ing project in Sec­tor 93A along the Noida ex­press­way.

I bought the apart­ment in re­sale dur­ing Navra­tra and was of­fered a very hand­some dis­count. The flat was in good con­di­tion and I liked the location of the project. It cost me R47 lakh then.

Un­for­tu­nately, we have some prob­lems now. Though apart­ment prices have ap­pre­ci­ated quite well, own­ers are un­able to get their flats reg­is­tered. When I tried to find out the rea­son, I came to know that the de­vel­oper has not got the com­ple­tion cer­tifi­cate of the apart­ment. We re­ceived a com­mu­ni­ca­tion from the Noida Author­ity that the de­vel­oper has not de­posited the money for the cer­tifi­cate.

Now peo­ple, who have been liv­ing in the com­plex since 2006 do not have the ti­tle of their prop­er­ties. Not only that, they have been liv­ing in apart­ments, which do not have the req­ui­site com­ple­tion cer­tifi­cates. A com­ple­tion cer­tifi­cate en­sures im­por­tant ser­vices in the tower such as proper func­tion­ing of fire fight­ing equip­ment and good con­di­tion and reg­u­lar main­te­nance of the lift etc.

I have rented out this flat and am liv­ing with my par­ents in another house in Noida.

But my prob­lem is that the cir­cle rates are go­ing up in Noida. In the past one year, the cir­cle rates have dou­bled. De­lays in ac­quir­ing a com­ple­tion cer­tifi­cate means fur­ther rise in cir­cle rates, which will lead to an in­crease in stamp duty. We will end up pay­ing a hefty amount for regis­tra­tion. Now the Noida Author­ity can also ask for penalty for de­lay in regis­tra­tion for no fault of ours.

Hun­dreds of flat buy­ers are bear­ing the brunt due to the de­vel­oper’s fault. Had I done a thor­ough check of all these is­sues I would not have had to face these prob­lems.

—As told to Jee­van Prakash Sharma

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