noida: In a major relief to its defaulting allottees, the Noida Authority board has approved a reschedulement policy for its industrial, institutional, commercial and group housing projects. Officials said that the move will not only benefit the buyers but will also increase the revenue of authority.
As per the new policy, all those allottees who have failed to clear debts and are on the verge of cancellation of their land allotment may apply for rescheduling and can clear dues in instalments.
"The policy will be effective for three months starting from 1st October 2022. Under the policy, the allottee who has been declared defaulter by authority will have to make 20 per cent of the defaulting amount within 30 days while the rest 80 per cent of amount can be paid in instalments," a senior official of Noida authority said.
Apart from this, the authority has also benefitted those buyers who have got their land allotment cancelled over non-payment of dues or any other reason. "Those allottees who have got their land allotment cancelled may reapply for the land within six months of cancellation of their allotment. The authority may consider and take decisions accordingly after the application is received," the officer added.
The decision was taken in Noida authority's 206th board meeting held on Tuesday which was chaired by infrastructure and industrial development commissioner and also the chairman of Noida Authority Arvind Kumar. CEO of Noida Authority Ritu Maheshwari, CEO of Greater Noida authority Surendra Singh and other senior officials were present in the meeting.