Taking a road different from its counterparts, the Greater Noida Industrial Development Authority (GNIDA) is planning to bring a new scheme for land allottees under which it will offer sops to those who do maximum down payment for the property concerned.
Presently while buying a property from the GNIDA, an allottee pays five per cent of the money at the time of registry and five per cent later at the time of issuance of the allotment letter. The rest comes in installments at an interest rate of 12 percent.
However, the scheme aims to encourage instant down payment by the allottees with those offering to pay maximum amount as down payment being offered sops.
With the GNIDA is suffering with lack of funds due to outstanding dues by builders, the move aims to ensure a continuous flow of income to the GNIDA which can come with maximum allottees making increased down payment.
"Under the scheme, we plan to incentivise those allottees who choose to make the maximum down payment. Slabs of 30, 40, 60 percent, 90 percent etc can be created and people will be asked to choose the slab which suits them. Those making highest down payment in the 90 percent slab will be offered incentives. The scheme will help the buyers and also ensure continuous flow of income to the Authority," GNIDA CEO Debashis Panda told TOI.
The incentives might include a lower rate of interest on installments being made after the down payment.
An entrepreneur can decide the slab she wants to pay in, he added, saying that the proposal which was discussed in June 5’s meeting has been agreed in principle and a committee will be formed to decide the slabs.
The matter will now be taken up in the next board meeting where a decision will be taken on the proposal, he said.
At present, the rate of interest in GNIDA remains the same at 12 percent.
However, GNIDA will be the first of the three authorities to bring such a scheme.
Source: Magicbricks
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