look news india
A big and historic relief news has emerged for more than 10,000 homebuyers waiting for their homes and registration in Sector 150 ‘Sports City Project’, considered to be the most premium and eco-friendly area of Noida. Noida Industrial Development Authority has submitted a formal affidavit in the Supreme Court of India informing that the much awaited Revised Layout Plan of Sector 150 Sports City has been officially given final approval. The way has been completely cleared for the removal of the strict ban on construction work, issuance of completion certificate (CC) and registration of flats in this entire 300-acre sector due to years of delay in construction of sports infrastructure, financial liabilities of builders and regulatory issues. After this information filed in the apex court, there is a wave of happiness in the real estate market of NCR and the troubled buyers.
Sector 150 was originally envisioned as an international standard ‘Sports City’, where the lead allottees (consortium leads) were required to develop world-class sports facilities—such as 9-hole golf courses, multi-purpose indoor and outdoor stadiums, tennis courts, swimming complexes and sports academies—on at least 70 per cent of the total land. Group housing and commercial construction was allowed only on the remaining 30 percent land.
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Conditions ignored by builders: Major developers started building and selling residential flats without creating sports facilities and sub-leasing their land to dozens of small builders.
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Strict action of the authority: When the CAG report and internal audit found serious irregularities in the construction of the sports structure, the Noida Authority had imposed a complete ban on passing new maps, granting occupancy certificates and registration of all projects in Sector 150 around the year 2021.
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Homebuyers’ squeeze: The brunt of this ban had to be borne by those innocent flat buyers who had booked the flats after investing their entire life’s hard earned money, but despite the project being ready, they were neither able to get the possession nor the ownership rights i.e. registration.
When the matter reached the Supreme Court via the Allahabad High Court, the apex court took a strong stance and made it clear that in a dispute between builders and the development authority, buyers who have made full payment cannot be held hostage. Along with this, implementing the recommendations of ‘Amitabh Kant Committee’ constituted by the Central Government, the Uttar Pradesh Cabinet prepared a practical policy to complete the stuck projects.
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Rebalancing of game features in revised layout: The newly approved layout plan has prepared a clear roadmap to develop the sports complex land in a practical and phased manner.
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Benefits of zero period: The liabilities of builders have been restructured by adjusting the period during the Covid period and court cases under interest waiver (Zero Period).
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25% advance deposit condition: Developers have been instructed to immediately deposit 25 percent of the total dues with the authority so that the sub-lease deed/registry of flats in their projects can be started immediately.
After the revised layout plan gets official approval in the Supreme Court, its positive impact will be immediately visible on about 15 to 20 big housing projects of Sector 150:
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Launching the Registry Process: Now Tripartite Registry camps can be organized for those societies whose towers are completely ready and the buyers were living without registration.
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Stuck Completion Certificate (OC/CC) will be issued: Many towers which were more than 95% complete but were stuck due to lack of approval from the authority, will now be issued permanent electricity-water connections and occupancy certificates.
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Financial liquidity and construction boom: The stalled projects will open the way for additional funding from banks and relief packages like SWAMIH Fund, which will enable the construction work of the incomplete towers to resume at a faster pace.
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Boom in property values: With the lifting of the ban on registry, there will be tremendous improvement in the resale value and market reputation of properties in Sector 150.
The authority has also assured the apex court that passing the revised layout does not at all mean compromising the vision of the original Sports City. The developers will have to guarantee the construction of golf courses, sports clubs and stadiums within the time-bound timeline. For this, monitoring will be done through bank guarantee and escrow account from the builders so that there is no other commercial misuse of the land allotted in the name of sports structure. The breaking of the Sector 150 Sports City impasse is not only a milestone for Noida’s real estate sector, but it is also the biggest legal and moral victory for thousands of middle-class families who were running from pillar to post for years to get legal ownership of their dream home.