Property Registration Alert For Noida Home Buyers

In a glaring reminder of property registration delays and its effects, the Noida district administration is likely to initiate action against over 8,000 apartment owners.

The stamp duty and registration department recently sent showcause notices to as many as 11 developers for not registering properties. Apart from this, 8,841 flats and 630 shops, too, came under the scanner. Real estate companies have already received occupation certificates for the same and many families have been living in these units for over a year now.

In a large number of cases, buyers have already paid the registration fee, which ranges between Rs 3.5 lakh and Rs 5 lakh, to their respective developers. If any developer fails to respond to the notice, action would be initiated against the owner as well, the department said.

Buyers under a cloud

Many of the buyers do not understand the nitty-gritty of the documentation process. They don't realise that their ownership of a property is at risk, if they do not have a bonafide registration document in their name. A number of such factors are overlooked upon as weary home owners, who await occupation of their homes, take what they get from their developers. And a few con them into not registering their properties or delaying the process.

Here is a quick guide how you can ensure your property is registered: 

• Even if it means waiting for a few more months before you occupy your dream home, push your developer to register your apartment.

• You need not wait for your apartment to be ready for occupation to start following up with your developer for the registration. You should do it as soon as your floor starts construction. Such properties can be registered, too, especially if one is ready to pay the amount upfront.

• Many home-owners allow their developer to delay registration as it costs a few lakhs and has to be paid in lump sum. However, treat this as a part of the upfront payment, and if necessary, take a personal loan to make sure that your registration amount is paid in time to get your home registered in your name.

• If your developer is dilly-dallying the entire process, the stamp duty and registration department allows you to lodge a complaint with them.

• In the worst case scenario, if your home is not registered in your name, a few years down the line, your developer who holds the title of the property, might move to occupy it. Without a legal backing of the property registered in your name, it would be tough to fight any court battle.

• If your developer has not registered most of the properties in the building, then you can follow-up with your building society in order to make sure that you have numbers on your side to win the fight.

• You might also get into trouble with the bank from where you are getting your home loan, if the home is not registered in your name.

Make sure you own a house, and in paper too!