WHEN YOUR HOME IS NOT YOUR OWN
Authority after elections and land acquisition agitation by farmers in Noida Extension, the Noida Authority was virtually not working or was not ready to take any assignment. Therefore, the matter lingered for quite some time. All required due payments to the Authority have also been made. Now we are expecting that the Authority will give its consent for the sub-lease,” says Avneet Soni, president, Omaxe.
On the temporary affidavit, Soni clarified that no buyer was forced to give one and that it was “only a formality to be completed.”
“Omaxe has made all due payments to the Authority. At present there are no dues as per the installment plan approved by the authority. Since this project comprises two sub-projects, namely Forest Spa and Grand Omaxe, we have taken partial completion certificate, ie only for 22 towers of Grand Omaxe. We have already requested for proportionate sub-lease, which is permissi- ble as per the government order released in 2009.”
The residents also said that the Noida Authority has rescheduled the dues and extended the payment period till 2016. “This means that Omaxe will get a breather and the time to make the payment, but for us buyers life won’t be easy as we won’t get ownership of our homes till the full payment is made. Today I feel like a trespasser in my own home. I have physical possession of the apartment, but I don’t own it legally. Isn’t it very surprising?” asks Prakash.
Besides the residents' ownership woes, the non-execution of sub-lease is also causing a huge loss to even the state revenue department. According to a reliable source in the Noida revenue department, “Once the flat owners get the legal title by way of a sub-lease deed, the revenue department will also earn money through stamp duty. The approximate revenue loss to the department is around R70 crore.”