GNIDA board meeting: Marginal cut in interest rates likely from October

GREATER NOIDA: Greater Noida Industrial Development Authority (GNIDA) on Friday reduced the interest on instalments it receives against the allotted land by one per cent.

Moreover, an additional one per cent cut in the late penalty charges was announced by the Authority at its 109th Board Meeting on Friday.

The cut in interest rates is likely to come into effect from October.

"We have decided to cut the interest rates by one per cent to benefit allottees of various residential and industrial plots. Earlier, the interest rates were 12 per cent and late payment penalty charges were extra three per cent, these are now reduced to 11 per cent and two per cent, respectively. As banks have reduced interest rates, we want to pass on the benefit to our allottees," said Debashish Panda, CEO, GNIDA.

The CEO also stated that GNIDA is making efforts to go paperless.

An ERP software system will be deployed to maintain overall records of all allottees, which will help the allottee as well as the authority to get all necessary information regarding allotment date, date of completion, pending dues and all other necessary information.

The allottees will also be provided a unique code for tracking of progress.

Panda futher stated: "Also, for an allottee who will make one-time payment against their land, a relaxation of five per cent in the total amount will be given if they make full payment against their plot. 3.5 per cent discount will be given on 75 per cent payment, while two per cent discount will be given is 50 per cent payment is received.".

"Earlier, a developer had to pay five per cent at the time of registration and five per cent at the time of allotment. But now, we have revised the policies, under which 10 per cent payment is to be given at the time of registration and 20 per cent payment at the time of allotment.

"Rest of the amount will be deposited in 14 half yearly instalments within seven years. This will enforce developers to complete construction of their projects within the prescribed time limit," Panda elaborated.

Panda further added: "We have decided to increase land transfer charges. Rs 250 per square metre will be the new charges for plots measuring 50 sq m, Rs 500 per sq m for 51-100 sq m and Rs 600 per sq m for plot size above 100 m."