Immediate Handover common Assets & IFMS funds to Residents by 30 Sept – NOFAA

Immediate Handover common Assets & IFMS funds to Residents by 30 Sept

In a recent press release Dtd 17.09.21 from Noida Authority, few of the prime builders of Noida region have been instructed to immediately start the handing over process of common assets of the residents to the AOAs along with  the IFMS funds.

The press releases also state that the deadline to carry out the same is 30.09.21, And in case these instructions are not followed by 30th Sept, action shall be carried out on the developers and their  unsold units in the complex would be sealed .

The release added that in case the STP of any high rise society is not working, as per the stipulated  standards and specifications,  the builder office and the club house shall be sealed for this violation. 

The  AOA Federation – NOFAA has been regularly following up with the administration for finding resolution for these long pending builder buyer issues .

Rajiva Singh,  President NOFAA said ” We wholeheartedly welcome the initiative taken by the Noida Authority and hope it reaches to its logical conclusion before the state elections “

He added ” The buyers have been suffering for a long time. It is high time  the lost  trust between the buyers and the  builder and Noida Authority is regained . We do understand that such trust cannot be built overnight,  but it can be achieved only if some strong follow up actions can be seen after 30th September “

The NOFAA also showed concern on the cancelation of allotted plots by authority as several buyers have planned their investments accordingly. Due to the pandemic induced recession,  a lot of buyers are facing financial crisis because of loss of jobs or cut in salaries .Businesses have not  been doing too well. Rather than canceling the allotments, we need to find other alternative plans to help the buyers .

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