Greater Noida Authority reschedules board meeting to Sept 22

GREATER NOIDA: A Board meeting of Greater Noida Industrial Development Authority (GNIDA), which was initially proposed to be held on Wednesday, September 20 has been rescheduled. It will now be held on Friday, September 22 at the Authority offices located in Greater Noida.

According to officials, the meeting has been postponed as the agenda is still to be drawn up and put into place. Major issues on the Board’s agenda are likely to include land allotment and land registration issues. Greater Noida Authority is likely change its land allotment policy. Once revised, allottees will have to pay 10% of land cost at the time of registration of property and another 20% after allotment. The balance 70% will be collected in 14 instalments over a period of seven years. Currently, developers in Greater Noida have to pay a mere 5% at the time of registration of property and 5% towards allotment, while the balance amount is collected over 12 years, including a two-year moratorium.

In an attempt to ensure timely completion of projects, GNIDA is also likely to approve issuance of completion certificates only after all instalments are paid by the developers.

Also on the Board’s menu is likely to be cancellation of allotment of property of all allottees who fail to register their land by March 31, 2018. Non-registration has been causing the Authority a revenue loss of nearly Rs 700 crore. The proposal is likely to offer incentives to allottees to register their property in time and levy a penalty on those who do not.

Interest waivers on delayed payments towards allotted property will also seek a not from the Board. This will be done on the lines of what Yamuna Expressway Authority has approved a few months ago. A special payment plan is likely to be implemented, which will provide allottees waiver from paying penal interest on their instalments subject to certain payment conditions laid down by GNIDA.

Source- ET Realty