NOIDA, GNIDA Announce Policies For Homebuyers Left In Lurch For Years
The Noida and Greater Noida Authorities have announced a slew of policies keeping in view the interest of homebuyers who have been left in lurch for the past several years due to builder's negligence.
For the homebuyers of Greater Noida, the Greater Noida Industrial Development Authority has given green signal to implement the rescheduling policy for the purpose of providing possession to the buyers who have been waiting for more than one decade. As per officials, the re-scheduling policy will be applicable from January 1, 2023 to March 31, 2023 and will benefit the defaulting builders who have expressed their inability to pay huge debts.
"The scheme will include only group housing and commercial projects and those builders who have applied for occupancy or completion certificate. The authority board has decided that the re-scheduling of the outstanding amount will be for two years only while the interest rate will be revised every six months," Ritu Maheshwari, CEO of the Greater Noida Authority said.
The CEO informed that the rescheduling will be applicable only on the total outstanding amount due to the allottee. "20% of the total outstanding amount has to be deposited within one month from the date of issue of rescheduling letter. Even after rescheduling, if the allottee defaults on two installments, the authority will cancel the allotment without any notice," the official said. The Greater Noida Authority board has also given relief in time extension charges on builders' plots. The board has also accepted the proposal for fee reduction. Also, no time extension charges will be levied on the construction that has already been done, informed GNIDA officials.
The decision was taken in the 128th board meeting of the Greater Noida Authority which was held on Wednesday. The meeting was chaired by Arvind Kumar, Chairman of Noida-Greater Noida and Yamuna Authority in presence of Ritu Maheshwari, CEO of Noida-Greater Noida Authority, Dr. Arunveer Singh, CEO of YEIDA and Dr. Raj Shekhar, Managing Director of Uttar Pradesh Financial Corporation.
The Greater Noida Authority Board has also taken an important decision to protect the interests of flat buyers. The board has decided that from now, if the builder purchases the permissible FAR then he will have to get approval from the authority on the revised map only when he submits the consent letter of two-thirds of the flat buyers to the authority. Similarly, the Noida Authority in its 208th board meeting, held on Wednesday, the board has approved re-scheduling policy for builders who have failed to clear debts. Officials said that this will help home buyers get their houses and will also make authority receive debts.
