During a committee meeting aimed at settling disputes between homebuyers and builders, the Greater Noida Authority addressed various concerns. Topics discussed included the timely completion of flats, the establishment of Apartments Owners Association (AOA), the transfer of Infrastructure Maintenance Fund (IFMS) funds, and the registry process for flats. The committee actively sought solutions to these issues, emphasizing the importance of a comprehensive resolution for the benefit of both buyers and builders involved in the dispute. The next committee meeting is scheduled for January 3.
The Greater Noida Authority has issued a directive to real estate developers, urging them to address maintenance-related disputes with homebuyers by March of the coming year. This directive emerged from a committee meeting convened to tackle conflicts between homebuyers and builders. Various critical issues were deliberated upon during the meeting, including the completion of residential units, the establishment of Apartments Owners Associations (AOA), the transfer of Initial Maintenance Security (IFMS) funds, and the registration of flats.
Representatives from the Confederation of Real Estate Developers' Associations of India (CREDAI) participated in the meeting, pledging to formulate solutions for the challenges through a cooperative approach towards resolving the many existing disputes.
The Greater Noida Authority revealed that there are more than 200 housing societies in the Greater Noida area currently undergoing different phases of development. A predominant issue across these societies is the presence of disputes between homebuyers and builders. To address this pervasive challenge, the authority had previously established a nine-member committee dedicated to mediating and resolving such disputes.
Acknowledging the complexity of the situation, the authority emphasized the need for a comprehensive resolution to facilitate smoother operations within the real estate sector. By setting a deadline of March for the developers to address maintenance-related disputes, the authority is signalling a commitment to prompt an effective conflict resolution.
The upcoming meeting scheduled for January 3 is expected to serve as a platform for further discussions and updates on the progress made in resolving the identified issues. As the real estate landscape in Greater Noida undergoes rapid changes, the collaborative efforts of the committee and the developers are pivotal for fostering a more harmonious environment within the real estate sector in the region.
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