In a landmark initiative aimed at safeguarding buyers and ensuring transparency in real estate transactions, officials from Noida, Greater Noida, and Yamuna have announced plans to publicly share detailed information about all developers’ housing projects via their official website.
This decision stems from directives issued by the state government, which seeks to protect consumers and formulate measures that will effectively reduce instances of property-related fraud in the region.
Top officials from the civic bodies in these areas have been instructed to start the process of procuring server space necessary for hosting this vital information online.
For some time now, local buyers have expressed a strong desire for access to comprehensive details about various developers, and this online database is expected to fulfill that need. The forthcoming platform will allow potential buyers to easily verify the legality of projects at the click of a button, alongside documents that showcase lease agreement norms, the current status of building layout plans, and other pertinent NOCs and notices.
Developers have also been called upon to upload their own layout plans and necessary approvals to their individual websites as part of this initiative. Authorities anticipate that the entire process will be completed by the end of this year.
This area has recently gained notoriety for being rife with property scams, many of which often go unreported. By implementing this online resource, officials hope to build greater trust in the sector.
Developers have welcomed this move, regarding it as a crucial step toward fostering transparency in real estate, which will empower buyers to make informed decisions regarding their investments.
Additionally, the developers' association, CREDAI, expressed optimism that this initiative may help attract Non-Resident Indians (NRIs) to invest in local projects. As noted by the association, an NRI situated far from Noida will soon be able to ascertain the legality and status of various housing projects through the government’s newly established online platform.