GNIDA to provide relief for builders of sick realty projects

Greater Noida: Greater Noida Industrial Development Authority (GNIDA) on Thursday said they are planning to provide major relief to the builders of sick realty projects, for the benefit of homebuyers who have been suffering due to delay in getting possession of their flats.

The decision was taken in 111th Board Meeting of GNIDA here.

"The Authority has approved zero period benefit to over 11 builders, which was being requested by them, in order to get their projects completed. The projects that will receive this benefit are from Gaursons, Rudra Buildtech and Nirlal Infratech among others" said Debashish Panda, CEO, GNIDA.

GNIDA had received 42 applications for zero period benefit, of which 11 were approved after case-to-case fact based study conducted by a dedicated committee appointed by the Authority.

"The Authority has also decided to accept one-time fee payment from the builders who are seeking completion certificates for their projects. Earlier, the fee was to be paid in two separate installments, in order to provide part completion and then full completion. But now the fee can be paid once and the completion certificate will be issued. The decision has been taken so that homebuyers get possession over their flats at the earliest," added Panda.

The CEO further said that the Authority has also made changes in rescheduling of payment for defaulter projects.

"Earlier, builders were not issued completion certificates, as they failed to clear the dues to the Authority. But now the Authority has decided to reschedule payment schemes for defaulters, by adopting the model being used by Noida and Yamuna Authorities," Panda continued.

As per the rescheduling of payments policy, the projects for which lease deed have been executed may take payment reschedule benefit by depositing 10 per cent of the pending amount, if the total due is more than Rs 500 crore.

If the default amount is less than Rs 500 crore, 15 per cent amount needs to be deposited under this scheme. The deadline for this has been set at end of March.

Apart from these decisions, GNIDA has also provided relief to allottees of the industrial plots scheme.

"For industrial plots which were allotted before September 30, 2011 and whose lease deeds have been executed before November 2016, relaxation will be offered in construction or operational delay penalty till September 2018," the CEO stated.

Talking about the ongoing audit, headed by the Comptroller and Auditor General, the CEO told reporters that the Authority board has approved the CAG audit of GNIDA's work starting from 2005.