Noida: In a bid to address the issues relating to real estate, the Noida Authority has issued new rules for the purchase of property. According to the new rule, the buyer, builder and the Noida Authority will have to jointly sign the agreement when a buyer pays initial 10 per cent of the property cost. The new rule is intended to enhance transparency and safeguard homebuyers.
The decision was taken after a meeting, chaired by Chief Secretary Manoj Kumar Singh, was held with the aim of eradicating fraud sales of property and provide registration documents to the authority at an early stage. The rule will help Noida Authority in keeping a track of sale from the first transaction itself.
Two per cent stamp duty to be paid during agreement itself
“Once the buyer pays initial 10 per cent of the property’s amount, the registry department will execute a tripartite agreement between the buyer, builder, and Noida Authority,” said Noida Authority CEO, Lokesh M.
The new act is formulated in accordance with Section 13 of the Real Estate (Regulation and Development) Act (RERA), due to which without a formal agreement, the seller cannot accept more than 10 per cent of the property’s cost. During the agreement the buyer will have to pay 2 per cent of the total stamp duty upfront, while the remaining will be paid at the final payment.
Will fix these problems
The new rule is expected to solve many problems. Many sellers who earlier use to sell a single property multiple times will not be able to do this after the new rule. In case the buyer is delaying the payment for a very long time, the seller can withdraw from the transaction. The new rule prohibits the resale of the property without informing it to the Noida Authority. This will help in preventing the sellers and buyers from evading tax payments.
