Homebuyers who had purchased some new projects in Noida may soon have reason to cheer. Some such projects had hit a snag as property in Noida which had been cleared for development and on which work had begun had hit a roadblock when the sale of land on which the developments were to be built had been contested by farmers from whom the land had been purchased. The prospective of the settlement of such claims by famers who have been offered a higher share as well as a share of some of the land under development is likely to lead to respite not just for homebuyers but for builders in Noida too.
Many of such developments had flats in Noida whose possession had been delayed by up to 5 years causing those who had opted to purchase such flats, many of whom had paid nearly 70% of the due amount, to be in an unsteady lurch expecting that the money they had paid would be paid back. Until recently the expected outcome was that buyers who had purchased such flats in Noida would be paid back the full sum by developers, this would have resulted in a loss to concerned builders in Noida of the entire capital invested in the project thus far. The recent settlement from farmers who shall now receive a greater share from the land leased to builders and developers in Noida has greenlighted numerous projects in Noida which had thus far been stalled.
The legal acquisition of land for the purposes of development can often be a cumbersome process and at times after the sale or lease of land for the purposes of construction of residential property in Noida or at any other city, there may still be claims which can be made by those from whom the real estate was bought. Such ambiguity in the process of land transfer and land ownership is cause of great concern not only to homebuyers but also to the parties who sell the, in many cases farmers, many of whom may have poor clarity regarding their rights as sells as well their ownership rights and rights which further clarify their claim to any flats in Noida being constructed at land bought from them.
Perhaps the only viable solution to such obfuscation in the buying and selling of land is a bureaucracy which is more empowered and supported with a greater technology infrastructure with land records and transfer certificates that are digitalized. Perhaps an even more efficient methodology of securing land may be to simply upload the details of land ownership along with the boundary of the land on the cloud where it shall remain secure and unalterable until the appropriate transaction relating to the land occurs. The fact that even today residential projects in Noida are purview to such litigations which result in financial difficulties to builders in Noida as well as to those have purchased the flats at such developments indicates the need to digitalize all land records all across the country to further prevent the occurrences of similar matters.