Greater Noida authority have proposed to give upto 40% discount on dues of the builders as part of one time settlement scheme following the approval of the recommendations of a committee chaired by former NITI Aayog chairman and India’s G20 Sherpa Amitabh Kant.
In an order issued on Saturday, the authority has said the rebate is available for pending dues till March 31, 2023 and if the developers agrees to pay by January 31, 2024, it will be eligible for 40% rebate.
Similarly, those deciding to pay by February 29 this year will get 30% rebate and those paying by March 31, 2024 will get 20% discount.
“There will be no rebate after March 31 this year,” said the authority.
This will benefit 117 projects and 75,000 buyers in Greater Noida and overall 200,000 stalled flats in the region are expected to be benefited following the approval of scheme for stalled projects.
According to the approved proposal, builder taking benefit of the policy won’t be able to charge any amount from the buyer so that the benefit provided by the government reaches to the homebuyer.
An independent chartered accountant or third party will recalculate the dues of the builder. In addition, no charges will be levied for giving three years of extension to the builder.
Once a developer agrees for the relief package, it has to submit 25% of the dues and the authority will give permission to mortgage so that builder can raise the fund to complete the project.
The authority has said relief package will not be applicable for the project’s part of sports city scheme and commercial, institutional and industrial projects.
