The long-time demand of floor-wise registration in Noida is likely to be heard now as the Municipal Corporation has forwarded the request to the State Government for sanction. The go-ahead nod from the BJP-led State Government will undoubtedly prove beneficial in the sale of plots and independent floors, but the decision can evolve infrastructural issues. However, the State Government can earn high revenue by sanctioning floor-wise registration.
1. Development till Now
In its 195th board meeting, the Noida Authority sanctioned proposal of floor-wise registration in the city for both, the plotted development and independent homes, villas and bungalows. This decision is surely going to benefit a huge number of property owners but the ball is in State Government’s court as they will deliver the final decision on the same.
2. Problem Faced till Now
The biggest problem till date is unclear property title. Let us elaborate this with an example, A person named ‘A’ is an owner of a residential plot in the Noida city and sell it to the developer. Then the developer constructs an apartment on the same plot and sells it to the homebuyers. But, ‘A’ remains the property owner even after all this buying and selling process due to the rules that does not permit floor-wise registration.
This is means unclear title of ownership and thus it acts like a roadblock as people can’t transfer their purchased property to the inheritors. In short, the non-availability of floor-wise registry leads to partial sale and it is not acceptable as a couple of people invest in the same.
3. Noida Authority, Floors & Revenue
The Noida authority according to the building bylaws allow four floors and the floor-wise registration is a good move as firstly it will keep the title of ownership clear and will also generate huge revenue with an increased number of property registrations.
4. Floor-Wise Registration and Infrastructure
According to the Master Plan 203, Noida already has a population of more than 10 lakhs and this number is way more than the residents for whom the city was designed. The current infrastructure, ongoing ones and the proposed infrastructural development are surely going to feel the heat and thus it will be interesting to see if floor-wise registration gets thumbs up or down.
The floor-wise registration will lead to increasing demand for electricity, water, connectivity and security and the city is already facing challenges on many fronts like traffic congestion, water-logging and parking majorly.
This can be analyzed from a simple thing that vehicular traffic comes to a halt at sector 18 and 62 during peak hours and monsoon makes the residents experience water-logging instead of the pleasant weather.
5. Impact on Property Sector
The city is already contributing to the maximum percentage of unsold inventory and the decision to allow floor-wise registration will welcome more people as the residents and this will surely lead to an upward trend in property price.
The Government must consider all the pros and cons of this proposal before giving thumbs up to the same as green and secure future can only be seen if we take right decisions at the right time.