Noida, Uttar Pradesh – As a move to counter a bottlenek that has been plaguing buyers of cooperative group housing societies in Noida, Noida Authority on Monday approved the constitution of an eight-member expert group to consider and suggest a way to clear the backlog of registrations of tripartite sub-lease deeds.
The move comes after the 221st meeting of the Authority’s board in direct reaction to the age-old complexities in land documentation, in which many of the flats in the cooperative society have remained without the sub-lease deed even after the acquisition or resale of the properties.
Unravelling a Persistent Problem Tripartite sub-lease deeds play a vital role in the legal process of transferring the ownership rights of the original land lessee to the flat-buyers. However, in the case of Noida, many cooperatives did not perform this legal procedure after the completion of the building and hence the unorganized records of ownership by the societies in the form of GPA/SPA transactions.
However, this has left many house buyers with a problem, as they are locked out of mainstream property rights since they have possession but no deed, which is required for taking a mortgage, selling property, as well as transmitting the right through inheritance. Lack of deed ownership has also caused a loss of income through unpaid stamps duties to the Authority as well as the government.
Under the chairmanship of the Additional Chief Executive Officer (Group Housing), the newly formed committee comprises the chief legal advisor and financial controller of the Authority along with officers specially detailed, and the general managers planning and civil along with the Assistant Inspector General of Stamps for Gautam Budh Nagar.
Impact and Expectations
The panel has been asked to put forward an array of recommendations in the coming weeks, with industry experts and home buying groups hopeful that a formulated policy will at long last provide a resolution to a very complex situation for thousands of home buyers in Sectors 21, 25, and beyond, including an impressive list of 729 flats cited by the Air Force Naval Housing Board for unresolved documentation.
Without a defined policy until now, cooperative societies have asked for the direct issuance of sub-leases to the residents, which the Authority may undertake in accordance with the recommendations of the panel.
Source: TNN
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