Greater Noida has great potential for modern urban living with planned cityscape with sound social infrastructure like schools, medical institutions and transportation facilities.
These potential advantages could be leveraged to build state-of-the-art urban conglomerations. But somewhere on the progressive lane, many hiccups have happened.
Now the government is contemplating giving sops for greater Noida builders to complete their apartments under construction. In Greater Noida, more than 200,000 flats have to be delivered in 200 projects.
It is hoped that by providing a window of opportunity for the builders of stalled group housing projects, who are yet to pay outstanding dues of more than 75billion in Greater Noida, the realty sector will get breathing space for further growth.
At a recent meeting of Greater Noida Industrial Development Authority, a decision was taken to expedite the delivery of homes stuck in its area. It has also given its nod to re-introduce the rescheduled payment policy plan till March 2018 in the lines of Noida and Yamuna expressway authorities.
The board has also directed builders of 25 projects to prepare a mitigation plan for delivery of 65,000 flats to homebuyers besides providing a zero period to builders’ 11 projects.
According to officials, many flats are almost ready in Greater Noida but the projects have not received completion certificates because pending issues.
“In order to achieve handing over of flats, the board has approved the rescheduled payment plan, which was pending approval from the state government,” said Debashis Panda, CEO, GNIDA.
As per the rescheduled payment plan, the realtor will be provided with a rescheduled payment policy for dues against the land cost if a builder has completed a project but is unable to get a completion certificate.
Those builders, who have over Rs 5 billion remaining as outstanding dues, will have to pay 10% of the amount after which they will be given a No Dues Certificate and Occupancy Certificates.
Similarly, those who have less than Rs 5 billion in dues will have to pay 15% of the total amount to get the mandatory documents before flats can be registered and handed over to homebuyers.
“The remaining outstanding amount will need to be submitted by the builders in instalments,” Panda said.