Greater Noida: In a major relief to home buyers, the Greater Noida Industrial Development Authority (GNIDA) on Monday took a couple of key decisions including approval of zero period policy for builders of stuck housing projects and implementation of Prime Minister housing scheme (PMAY) which is aimed at benefiting the economically weaker sections of society.
As per a senior GNIDA officer, builders' of stuck realty projects across the state have been demanding implementation of zero period policy which exempts them from paying penal interest on outstanding land dues for the number of years their projects were either stuck because of delay on part of the authorities to handover land or in litigation, including the National Green Tribunal (NGT).
"Uttar Pradesh government, in their cabinet meeting held in December 2019, approved the zero period policy to be applicable across the state and acting on directions received, the Authority has also approved the same for all the group housing projects in Greater Noida. The move is expected to benefit lakhs of home buyers who have invested their life time savings to buy dream home which were not delivered even years after the possession was promised," said a senior officer of GNIDA.
The officer further said that the policy applies to builders who are set to provide homes to buyers by June 2021 and will also speed the process of handing over housing units to buyers.
Another major decision taken by the Authority, which will make a reality, dreams of economically weaker sections of owning a house, the Authority has also decided to implement PMAY scheme in Greater Noida. "With the approval of PMAY scheme, those belonging to economic weaker classes may fulfil their dreams to own a home in smart city Greater Noida. Under the scheme, the Authority will provide homes at a varied rate which will extend to a maximum Rs 4.5 lakhs out of which a subsidy of Rs 2.5 lakhs will be given by government while rest Rs 2 lakhs will be paid by the allottee in easy instalments," the officer added.
Meanwhile, buying a home in Greater Noida will become expensive now as the Authority has decided to increase circle rates in three zones-A, B, C in the city. The circle rates in zone-D will remain unchanged. "The rates have been hiked keeping in mind the development works, connectivity and population in the city. However, the Authority has cut prices of the commercial properties across the city keeping in mind the slowdown in realty sector," said a GNIDA officer.
The decisions were taken in GNIDA's 117th board meeting chaired by Authority's chairman Alok Tandon, CEO Narendra Bhooshan, District Magistrate B N Singh, ACEO K K Gupta, ACEO Deep Chandra and other senior GNIDA
officials.