NOIDA: A total of 8,106 flats were registered in Greater Noida since Feb this year after developers came forward to adopt UP govt’s policy aimed at reviving stalled real estate projects in the state.
Another 8,000 flats are likely to be registered by March next year, according to a report presented to the Greater Noida Industrial Development Authority‘s (GNIDA) board on Sunday.
The policy, based on recommendations of a committee headed by retired bureaucrat Amitabh Kant, required builders to pay 25% of their recalculated dues upfront if they want a zero period waiver on interest incurred during two years of the pandemic.
In Greater Noida, the report said, developers of 73 group housing projects – accounting for 32,435 unregistered flats – had opted for the policy. The registration of flats this year has yielded GNIDA around Rs 547 crore, with an additional Rs 1,300 crore expected through next year.
To protect homebuyers’ interests, GNIDA has adopted a tripartite ‘sale agreement’ model, similar to that in Noida and Yamuna Expressway authorities. The agreement is signed between builders, homebuyers and the authority concerned once buyers have made a 10% down payment.
This legally binding agreement, required for all future housing projects, ensures timely payment of stamp duty.
Earlier, registration was done only after buyers had paid in full. In an attempt to standardise industrial plot allocation policies across Noida, Greater Noida, and Yamuna Expressway areas, GNIDA and the two other authorities have appointed SARC and Associates as consultant to develop guidelines for eligibility, lease rent, and other processes.
Earlier, the three authorities formed a committee to prepare a standard operating procedure (SOP) with input from finance controllers and general managers. While they decided to conduct e-auctions for plots up to 8,000sqm and interviews for larger land parcels in Aug, there was no govt order on this. Now, based on the consultant’s recommendations, a uniform policy is expected to be framed.
The board also approved a new policy to facilitate flat registrations at Senior Citizen Home Complex Welfare society, where many original allottees have sold their flats without executing sub-lease deeds.
Under the new guidelines, the society must provide a list of current occupants and an affidavit, following which GNIDA will issue NOCs to enable sub-lease deeds.
The 136th GNIDA board meeting was chaired by chief secretary Manoj Kumar Singh, who is also the GNIDA chairperson. GNIDA CEO Ravi Kumar NG, Noida Authority CEO Lokesh M, YEIDA CEO Arun Vir Singh and Noida DM Manish Kumar Verma attended the meet, among others.
