GNIDA issues part completion certificates to 39 builders

New Delhi: As many as 25,000 flats in Greater Noida will be delivered by the end of March 2018. The Greater Noida Industrial Development Authority (GNIDA) has issued the part completion certificate to 39 builders.

The part completion certificates are issued to builders only if 30 percent of the proposed project has been completed. This certification allows them to deliver possession to buyers, at the earliest.  The part completion certificate was incorporated in the Uttar Pradesh Apartment Act, in recent past, to facilitate tower wise completion of the projects.

Issuance of the part completion certificates came into existence to provide relief to apartment owners, who were stuck in large unfinished housing projects.

The Noida authority had also callined several builders-buyers meeting last year to understand the issues and facilitate early completion and registration of flats.

CREDAI, the apex body of Private Real Estate Developers Associations of India, in December 2017 said that about 80,000 apartments in Noida, Greater Noida and Yamuna Expressway will be delivered to the homebuyers by March 2018.

The Delhi-NCR property market has been facing significant delays in completion of housing projects.

- (Reported by Gaurav Khosla)