YEIDA (Yamuna Expressway Industrial Development Authority) made a significant decision at its board meeting on Thursday. They abolished the agreement drafted on hundred rupee stamp paper to make real estate transactions more secure and transparent.

How the new agreements will be drafted?

The new policy mandates that buyers and builders have to make an agreement to lease and pay 10 percent of the total deal value; at the same time, they will pay a 6 percent stamp duty to get their property registered. Simultaneously, if the buyer or developer wants to sell the property, they must obtain prior permission from the YIEDA. This will make the buying and selling process more transparent and sound.

What is the significance of these changes?

One significant change is that buyers will no longer be allowed to sell their flats to anyone else without getting permission from the authorities. This rule is designed to safeguard the rights of both buyers and builders and reduce any conflicts between them.

Another essential rule concerns ensuring that builders finish their projects on time. The Yamuna Authority wants to ensure homes are completed and handed over to buyers as promised. This protects the buyers' interests and ensures that the construction meets the quality standards set by the authority.

Overall, these decisions are significant steps by the Yamuna Authority to enhance buyer security and hold builders accountable. The new rules aim to increase market transparency and protect homebuyers' rights.