The twin authorities of Noida and Greater Noida on June 9 approved a fresh exit policy for allottees defaulting on their payment towards property owned by them. The proposal will now be forwarded to the UP government for final approval.
An initial proposal, forwarded to the state government in March this year, was returned by the government.
"Once approved, the allottees will have to forfeit 15% of the amount deposited with the Authority. For the balance 85% amount, the applicant would be allotted proportionate land out of the originally allotted plot. Thus, the revised land area so allotted would be at the rate at which the original land was allotted," said Deepak Agarwal, CEO, Greater Noida Industrial Development Authority. The exit policy came was formulated way back in 2009 following the economic slowdown for owners of industrial, institutional, group housing and commercial land. But the government order issued at the time expired in March 2011. It's only now that a fresh policy is being drawn up.
An initial proposal, forwarded to the state government in March this year, was returned by the government.
"Once approved, the allottees will have to forfeit 15% of the amount deposited with the Authority. For the balance 85% amount, the applicant would be allotted proportionate land out of the originally allotted plot. Thus, the revised land area so allotted would be at the rate at which the original land was allotted," said Deepak Agarwal, CEO, Greater Noida Industrial Development Authority. The exit policy came was formulated way back in 2009 following the economic slowdown for owners of industrial, institutional, group housing and commercial land. But the government order issued at the time expired in March 2011. It's only now that a fresh policy is being drawn up.
Once approved, the allottees will be able to surrender their land to the authorities in lieu of clearing outstanding dues owed to the development authorities. The move will provide relief to thousands of home owners who are unable to get possession or register their properties. According to officials, the proposal, termed as 'relief package,' by Noida's financial advisors Ernst & Young, will also provide an exit way for allottees who have for some reason or other not been able to take up construction on the land.
"If the applicant is also interested in extra land, besides the revised area, allotment of land would be made at the current reserve/allotment rate. Any stamp duty, lease rent, processing fee, penal interest, transfer charges, re-instatement charges or any other statutory charges or penalty which may have been imposed on the applicant and which has not been paid by him till the date of the application, will not be deducted out of the 85% balance amount to be refunded,"
Currently, Noida Authority has to recover an outstanding amount of nearly Rs 15,000 crore from over 500 defaulters including group housing, residential, institutional, industrial and commercial categories of land use. Greater Noida Authority, on the other hand, has to recover Rs 7,000 crore.
SOURCE: magicbricks.com
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