‘You have to be careful’
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