There is significant news for homebuyers looking to purchase a house in Noida. The Noida Authority has introduced a new rule to protect homebuyers.
Now, builders must register the house after the buyer makes a 10% payment of the total cost. This rule applies to all new residential projects in Noida.
Additionally, a tripartite ‘sale agreement’ must be made between the buyer, the builder, and the Noida Authority.
Changes from Previous Rules
Previously, flats were registered only after the entire project was completed. With the new guidelines, registration will occur as soon as the buyer pays 10% of the total price.
This change also replaces the earlier agreement process, which involved a simple agreement on Rs 100 stamp paper.
Previously, the Noida Authority was involved only after the builder obtained occupancy and completion certificates.
Benefits of the New Rule
Real estate experts believe that this new rule will enhance transparency and accountability between developers and buyers.
Sahil Agarwal, Chief Business Officer of Nimbus Projects Limited, stated that having the registration at the beginning is a significant and positive change in the real estate sector.
This policy encourages responsibility from developers and protects buyers’ rights.
The demand for real estate in Noida is increasing due to extensive infrastructure development and the arrival of multinational companies.
Early registration will boost buyer confidence and provide legal security during their investment.
A Safer Property Market
This change comes as Noida is positioning itself as a safe and reliable place for real estate investments.
Ravi Nirwal, Sales Director of Square Yards, praised the decision, emphasizing that requiring a sale agreement after just 10% payment is a positive step for protecting homebuyers.
This will ensure that buyers have legal agreements without needing to pay the full amount upfront, thereby increasing their confidence in the property market.