An agreement with the builder known as “Agreement of Lease” will allow buyers to take ownership with registry, but they have the possession documents.
Spelling respite for hapless thousands, home buyers can now take ownership of the flat without registry with the help of an agreement with the builder known as “Agreement of Lease”.
The new agreement will be charted out according to conditions that have been laid down in the existing builder-buyer agreement. At the same time, the registry department will include some new conditions that will prevent builders from taking arbitrary decisions in future.
Residents need to possess ID proof, possession letter, and builder-buyer agreement copy and passport photos for the new agreement.
Expressing happiness at the development, Sumit Kumar, a buyer in Amrapali group, said, “We will at least have ownership of the flat — so we can start living. I have the possession copy and other related documents, and I will soon apply for this.”
According to officials of the district administration, residents can decide the date and time of the meeting with the builder. And if the builder tries to postpone the meeting for over a month, the buyer can make a written complaint to the DM.
The district administration will initiate action upon receiving the complaint.
However, the respite comes with a condition — those buyers who don’t have the possession letter are not eligible for the lease agreement, confirmed Vir Sen, sub-registrar of Noida.
But buyers still can’t have completion certificates or occupancy certificates because builders owe Rs 30,000 crore to Noida Authority — so registry continues to remain a question.