HomeNewsBusinessReal EstateMC Explains| A new Noida policy can change the way high-rises are bought in India

MC Explains| A new Noida policy can change the way high-rises are bought in India

Residents hail the move to make structural safety audits mandatory for occupancy certificates, but have reservations over vesting owners associations with the responsibility of carrying out the audits in buildings older than five years.

December 31, 2022 / 10:40 IST
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Sympathisers of Noida real-estate say that the real estate era prior to RERA was lawless across several cities – Noida just pushed the envelope further. (Representational image; Source: Shutterstock)
Sympathisers of Noida real-estate say that the real estate era prior to RERA was lawless across several cities – Noida just pushed the envelope further. (Representational image; Source: Shutterstock)

The Noida Authority has approved a structural safety policy defining the responsibility of both developers and Apartment Owners Associations (AOAs) in ensuring the safety of high-rise buildings.

The directive follows building collapses across the National Capital Region (NCR) centred on Delhi that includes Noida.

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Urban planners said the move will boost homebuyers’ confidence when they invest in high-rise buildings. They also called for proper execution of the policy to achieve positive outcomes.

Residents hailed the move to make structural safety audits mandatory for the grant of occupancy certificates (OCs), but expressed reservations over vesting AOAs with the task of carrying out safety audits in buildings older than five years.