WHEN YOUR HOME IS NOT YOUR OWN

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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.”

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