Completion Certificate Dates Extended In Noida

The policy for issuing completion certificates (CC) to group housing projects in the city was tweaked on August 24 this year to end the builder-home buyer impasse and to ensure the latter get their long-delayed homes

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NOIDA: The Noida Authority on Tuesday said the date for granting temporary completion certificates to group housing projects on payment of 10% of land dues owed to it by the builder has been extended till January 15, 2018.

The policy for issuing completion certificates (CC) to group housing projects in the city was tweaked on August 24 this year to end the builder-home buyer impasse and to ensure the latter get their long-delayed homes. The last date for the policy was November 30, 2017. According to officials, so far not a single builder has applied for the amnesty scheme announced.

“A few builders showed some interest in applying if we extended the date,” said M M Mishra, financial controller of Noida Authority, told TOI.

“Hence we decided to extend the date to give builders a chance to apply and obtain the CC so that homes can be handed over to buyers at the earliest. Once these two builders participate in the scheme, at least 3,000 homes will be given CCs as soon as possible besides helping us collect our dues,” he added.

The policy had been revised so that nearly 40 residential projects, which are almost complete or complete in the first phase, could be given completion certificates without delay.

According to the formula, the Authority will grant temporary completion certificates to projects on payment of 10% of land dues owed by the builder. For example, if the builder has applied for completion for 10 towers, the temporary completion will be given to half the number of towers — five towers. If the builder owes the Authority Rs 100 crore, he will have to pay 10% — Rs 10 crore — to obtain the temporary CC. This CC will be given to five of the 10 towers.

Following this, at the time of registry of the property, the Authority will ask the builder to deposit 65% of the dues. This 65% i.e. Rs 65 crore will be divided into the number of flats in the five towers that have received temporary CC.

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