What is a ‘temporary’ occupancy certificate?
Buyers ask if registrations of their properties will be valid in case builders do not get completion certificates
Manoj Gaur, managing director, Gaursons.
Another established builder is planning to launch 500 apartments this year. “We will have 3BHK and 4BHK units of over 1,600 sq ft. The location is good and is more or less stabilised,” he says.
As for why buyers should invest in this market, real estate experts say that compared to Yamuna Expressway, Noida Extension is a much superior market. The sales are largely end-user driven and it is a great As many as families have moved into apartments in Greater Noida West As many as apartments to be ready by micro market from the livability aspect considering the fact that prices are affordable (upwards of ₹ 3,200 per sq ft) compared to sectors 78 or 150 where prices start at ₹ 4,500 per sq ft.
Greater Noida West caters to people who cannot afford to invest in Noida or Indirapuram, where prices are upwards of ₹ 5,000 per sq ft. It is also an affordable option for people wanting to graduate to bigger apartments from Indirapuram, says Shveta Jain of Cushman and Wakefield, India.
For over 3,000 families in Greater Noida West, it’s a battle for basic necessities. Many of them had been literally forced to move into projects without completion certificates as they ran out of funds to pay for both the equated monthly installments (EMIs) and rent. Other problems faced by them included lack of Ganga water supply, public transport, hospitals and schools.
The Greater Noida Authority has recently uploaded the list of developers who have been given both completion certificates and part completion certificates online to facilitate homebuyers. Some projects have been issued temporary occupancy certificates and that is a big problem, says Indrish Gupta, co-founder of Noida Extension Flat Owners Welfare Association (NEFOWA).
Himanshu, who has invested in two apartments in a project in Greater Noida West says that he has not yet accepted possession because of the bad quality of construction and the fact that his developer has only been given a temporary occupancy certificate.
“This is illegal. What is the guarantee that the developer will get a certificate after 18 months? If he has not been able to fulfil obligations in all these years, how can he do so in just about a few months? Also if we get registration done on the basis of the temporary occupancy certificate given to the developer, will our registration be cancelled if the builder does not get a completion certificate for the entire project?” he asks.
His builder, says Himanshu, has also been demanding exta charges for use of the gymnasium and badminton court. “It is our club and we have paid money for these facilities. How can he demand additional charges?”he ask.
Recently, Himanshu and other homebuyers had filed a complaint with the Greater Noida Authority when the builder decided to sell a part of the basement as storage space. “How can he sell common areas and that too in an all-cash transaction?” he asks. The builder had also collected ₹ 1,000 from 500 residents for formation of a residents’ welfare association. “This is almost ₹ 5 lakh extra and no receipt has been issued for the same,” alleges another
Greater Noida Authority has uploaded a list of builders who have received ‘temporary’ certificates