Lucknow, June 2 (IANS): Land in Noida in the neighbourhood of the national capital would be dearer as authorities Monday hiked prices of residential plots by 10 percent and industrial plots by 7 percent, officials said.
At a board meeting of the Noida authority, a decision was also taken to implement the UP Apartment Act, 2010 in Noida, officials said.
The act was passed in the UP legislative assembly during the Mayawati government. The Noida authority had December 2013 announced appointment of a competent authority for implementing the act but there was little headway in this direction.
The act gives apartment owners the right to peruse original maps of project layout plans submitted by a developer to the local authority and makes it mandatory for developers to make full disclosure of projects, including layout plans approved by the authority, land titles and details of ownership and facilities in case of encumbrances, an official told IANS.
Developers, under the act, are also required to specify the likely date of completing and delivering the project, besides the penalty they would have to pay to buyers in the event of any delay.
The official said that under the act home buyers would also be accountable for penalties in case of non-payment of installations.
The act also makes it mandatory for all buyers to form an apartment owners' association to administer daily routine affairs of the society and stipulates that the developer will have to obtain consent of each and every member of a housing society before making any kind of alterations to the layout plan of the project.