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Noida: In order to provide relief to both developers and homebuyers, the respective Boards of Noida and Greater Noida The authorities on Wednesday approved the resettlement policy to pay the land dues over the next two years.
Under the policy, the rescheduling will be applicable only on the total outstanding amount, which includes all types of arrears – principal instalment, additional compensation and lease rent. The interest rate will be revised every six months as per the order of the Supreme Court.
The builders will have to deposit 20 per cent of the total outstanding amount within one month from the date of issue of rescheduling letter. Even after rescheduling, if any allottee defaults in two instalments, the concerned authority will cancel the allotment without any notice.
Officials said the policy will be applicable from January 1 to March 31, 2023, for developers of group housing projects and commercial categories. Both the authorities had recently formed a committee to sort out the problems of builders and home buyers and decided to come out with a rescheduling policy.
“Due to the slowdown in the real estate sector and the Covid pandemic, a large number of builder projects are pending due to which homebuyers are unable to get homes and authority dues are not being cleared. The rescheduling policy will be beneficial for all,” said an official.
In order to encourage speedy execution of sub-lease deeds of flats in favor of homebuyers, the Noida Authority amended its time extension policy. It has been decided that for seeking extension of time on partial completion of a project, the fee will be calculated proportionately as per the premium of the remaining area.
In case of old allotments, extension of time up to a maximum of 15 years from the date of execution of lease deed for the entire project and up to a maximum of 13 years for new allottees will be given on a case-to-case basis. In case of fresh allotments, if the first phase is not completed within seven years, the same will be cancelled.
GNIDA The board also revised the time extension charges to reduce the burden on homebuyers. This will benefit 1.57 lakh buyers in Greater Noida.
A GNIDA official said, “195 builder plots have been allotted in the Greater Noida Authority area, out of which 61 projects have been completed, while 50 projects have been partially completed. The remaining projects are yet to be completed. Around 1.57 lakh buyers investing in the projects will be benefitted by the reduction in duty.
Now all the builders will have to submit consent letter of two-thirds of the flat buyers to the authorities in the prescribed format to buy the permissible FAR (Floor Area Ratio).
Several other important decisions were approved during the board meetings of the Noida and Greater Noida authorities, led by Chairman Arvind Kumar and attended by the CEOs of both the authorities. Ritu Maheshwari,
Chilla elevated road cost increased
The project cost was increased to Rs 912.57 crore by the UP State Bridge Corporation after an initial sanctioned amount of Rs 605 crore. After this, the Noida Authority got the cost estimated from a consultant. And according to the consultant, the cost should be around Rs 801 crore. Officials said that it will now be sent to IIT-Delhi for examination before sending it to the government for approval.
DPR of metro route approved
The Detailed Project Report (DPR) of the Rs 416-crore metro project from Depot station to Bodki was approved by the GNIDA board on Wednesday. It will soon be sent to the Central Government through the State Government and efforts will be made to get financial assistance by linking this project with PM Gati Shakti.
453 crores to be paid for the airport
This amount will be used for the development of Noida International Airport. GNIDA will pay it in four instalments. The first installment of about Rs 113 crore will be paid soon. The remaining amount will be paid by taking loans from banks.
Biogas Plant Site Identified
A total of 134 acres of land has been identified for the landfill site at Astauli for scientific disposal of waste in Noida and Greater Noida. GNIDA Board agreed to give 30 acres of land at Astauli to Noida Authority on lease for 99 years to run Compressed Biogas Plant. In addition, NTPC will set up a charcoal plant with a capacity of 700 tonnes per day here.
Structural audit policy approved
On the lines of Noida, a framework has been prepared for structural audit of multi-storey buildings in Greater Noida. Accordingly, a panel will soon be formed consisting of representatives of IITs, NITs and research institutes affiliated to central universities.
Structural audit will be carried out at the cost of the builder for five years from the date of issue of occupancy certificate. Apart from this, the Residents Association will bear its cost.
facade lighting needed now
Buildings located on Noida-Greater Noida Expressway, 130 meters of road between Greater Noida and Greater Noida (West) and 105 meters of road in front of GNIDA office will have to install facade lights by the owners themselves. Action will be taken for not doing so.
Pet registration is now required
Like Noida, it will now be mandatory to register pet dogs and cats in Greater Noida. Those who feed stray dogs will also be given identity cards by the residential bodies. Along with this, the agencies nominated by the authority will also do tagging of stray dogs at the time of sterilization.
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