Greater Noida Authority Takes Bold Step: Builders Tasked to Settle Homebuyer Disputes by March

Greater Noida authority instructs real estate developers to resolve homebuyer disputes by March, addressing issues like flat completion and forming owner associations.

The Greater Noida Authority has set a deadline for real estate developers to resolve ongoing disputes with homebuyers by March 2024. The decision emerged during a committee meeting to resolve conflicts between buyers and builders.

Key points discussed in the meeting included the completion status of flats, the formation of Apartments Owners Association (AOA), the transfer of Infrastructure and Facility Management Services (IFMS) funds, and the registry of flats.

The Real Estate Developers' Associations of India (CREDAI) pledged to devise solutions to these issues before the March deadline.

With over 200 housing societies in Greater Noida at various stages of development, disputes between buyers and builders have become a challenge. To address this, the Greater Noida Authority had previously constituted a nine-member committee, which is actively engaged in mediating and finding resolutions.

The next meeting is scheduled for January 3, where stakeholders anticipate further progress and steps towards resolving these disputes.