In a major update for property buyers in Noida, the Noida Authority has introduced a rule that allows homebuyers to register flats after paying only 10% of the total cost. This regulation aims to make the buying process safer and more transparent, providing more protection for homebuyers. The new rule will apply to all fresh residential projects in Noida, and it’s hoped to help increase buyer confidence and protect their investments.
Under this rule, real estate developers in Noida must ensure a registered sale agreement for flats as soon as the buyer has paid the initial 10% of the property price. Unlike the previous process, where registration took place only after the project’s completion, buyers can now secure legal rights to the property at an early stage of payment.
This rule also requires a three-way sale agreement among the buyer, builder, and the Noida Authority.
Key Differences: Old vs. New Flat Registration Process
In the earlier process, flat registration was only completed after the project received an occupancy and completion certificate. Buyers would initially sign an agreement with the builder, typically on a minimal-value stamp paper, and would have to wait until the developer finished the project and obtained all necessary approvals before full registration could take place.
With the updated process, as soon as the buyer pays 10% of the total flat price, the sale is legally registered, and the Noida Authority becomes a direct participant in the agreement. This change eliminates the waiting period for registration, providing legal security to buyers from the start of their investment.
Increased Transparency and Accountability for Buyers and Developers
The Noida Authority’s new rule is expected to create a more transparent and accountable property market in the city. With this process, buyers will receive legal ownership documents early, reducing the risks tied to project delays. Real estate industry experts view this as a positive step towards fairer practices in Noida’s housing market.
Sahil Aggarwal, Chief Business Officer at Nimbus Projects Limited, highlighted that the rule offers stronger accountability for developers by mandating registration from the initial stages of purchase. He noted that it encourages developers to adhere to timelines, as they are now legally bound with the buyer from the beginning of the transaction.
With Noida’s rapid infrastructure growth and the influx of multinational companies, the demand for real estate has been increasing. Aggarwal emphasized that the new rule will increase trust among homebuyers, who can now feel more secure investing in Noida’s property market.
A Safer Property Market for Homebuyers
This regulatory change is part of Noida’s larger plan to make the city a more attractive and safe investment destination. The Sales Director at Square Yards, Ravi Nirwal, also praised the Noida Authority’s decision, calling it a positive move for the security of homebuyers. He noted that the new rule protects buyers legally with a sale agreement after a minimal initial payment, eliminating the need to commit a large amount of money upfront before getting the flat registered.
As Noida continues to grow as a key real estate hub, this new rule is expected to enhance the appeal of investing in its residential market. Buyers, particularly first-time homebuyers, will benefit from the peace of mind offered by a secure and transparent process, backed by the Noida Authority.
