Current and prospective owners of realestate in Noida have both breathed a sigh of relief with regards to the status of their properties in Noida. There had been some ambiguity concerning RERA and the current government in UP which led some to believe that RERA may be diluted in UP. In such an instance, the repercussions for those who had invested in a house in Noida and for those who had been thinking of buying a house in Noida would have been grave.
The Meeting With the UP CM
A delegation that had met with the UP CM was pleased with the response it received from the young Chief Minister of Uttar Pradesh. The Delegation was promised that Uttar Pradesh would have an undiluted form of the Real Estate Regulatory Act, they were promised a grievance cell at the Noida Authority, and were promised that the authorities would closely scrutinize builder buyer problems which had been recurring, over the next three months.
The Homeowners Perspective
Owners of houses in Noida said that they were relieved and expected that in the future there would be a quicker redressal to their problems. A particularly harrowing case in the minds of homebuyers is of a project with twenty seven thousand flats that is yet to be completed despite already being far behind schedule. It is hoped that fewer such instances would occur in the future.
A Pro-Homebuyer Stance
Stakeholders of residential projects in Noida believe that the UP CM has a pro-homebuyer stance as the Chief Minister assured stakeholders that the government would intervene on the behalf of homebuyers in the state, particularly in Noida where numerous projects are way behind schedule. At the meeting where these words were stated, was present the Noida MLA who had scheduled the meeting with the new Chief Minister and homebuyers and homeowners in Noida.
Pre Poll Fears of Homeowners Unfounded
Homebuyers and investors in Noida had shared their concerns regarding the Real Estate Regulatory Act with a Noida MLA. It is believed that the fear among stakeholders in Noida was that the RERA would become diluted in the state of Uttar Pradesh.
What’s Over the Horizon
In the future as per government officials in Lucknow, Noida Authority officials would be taken to task by the government if such officials are found to not carry out their duties with respect of the complaints of homebuyers.
Stakeholders of affordable and luxury flats in Noida today remain confident that they have elected a pro buyer Chief Minister in the state of Uttar Pradesh. In the future, owners of properties in the suburb of Noida expect that their grievances will be addressed promptly thanks to a pro buyer government in UP.
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