In Noida, the stamps and registration department informed that exactly 610 flats were registered under the ‘agreement-to-lease’ facility which started last month.
Usually, the registration of a flat/dwelling unit takes place only after the developer/realtor gets a completion certificate for the respective project from the concerned development authorities. But, in many cases in this city, the completion certificates are laying with the Noida Authority as the developers have to clear the outstanding dues.
According to the Agreement-to-lease, the home buyer is required to pay 5% stamp duty to get his/her property registered with the stamps and registration department after which a bond is also required to be signed for the time being.
The homebuyer can complete the property registration process on a stamp paper of Rs. 50 only after the developer receives a completion certificate for that respective project. The homebuyer need not worry as he/she is not eligible to complete the property registration process at the final stage according to the revised circle rate.
S K Singh, assistant commissioner, stamps and assistant inspector general, registration, Gautam Budh Nagar, said we have carried out a survey and found that some developers offered possession of housing units without registration.
He also said that a police complaint is registered against them under Section 64 (G) of Stamp Act, 1899. These flats are mainly located in Greater Noida’s Sector Zeta – 1, Pie – 2, Greater Noida West, Site -4, and Noida sectors 143, 107, 44, 143, 119, 120, 108, 75, 78, among others.