The Greater Noida Industrial Development Authority (GNIDA) has launched a one-time settlement (OTS) scheme for around 2,200 allottees of its previous apartment schemes who have defaulted on payments.
Under the scheme, officials said, the Authority will waive penal interest on the defaulted amount of the cost of the flat and additional compensation charges, and also grant a partial waiver of 20-80 percent of penal interest on the late fee imposed for the delay in executing registry of the apartment.
The order issued by the Authority on September 6 said only those apartment owners who bought the flats from the Authority in its flat schemes but could not pay the amount will be eligible for the OTS scheme. It will not be applicable on builder dues. The scheme opened on September 1 and will continue till December 31, 2023.
Through the OTS scheme the Authority is expected to recover around Rs 468 crore dues.
Officials said that the Authority had to pay the 64.7 percent additional land compensation to farmers from whom it had acquired the land, leading to an increase in the cost of flats, which was recovered from buyers. Under the scheme, the penal interest on the additional compensation charges will be waived.
The partial waiver of late fee penal interest will depend on the flat size. Nearly 80 percent of the late fee will be waived if the apartment size is up to 60 square metres and the allottee applies till October, while only a 60 percent waiver will be given if the allottee applies before November, and 40 percent if the allottee applies by December, the GNIDA order said.
It added that for an apartment of sizes above 60 sq m, the late fee waiver on registry delay will be 40 percent till October, 30 percent till November and 20 percent till December 2023.
Applicants will also have to pay a Rs 2,000 processing fee if the apartment is up to the size of 150 sq m and Rs 5,000 if the flat is above the size of 150 sq m. The defaulter allottees can avail the benefit of the OTS only after making a 50 percent payment of the defaulted amount, the order added.
The allottees can visit the GNIDA website www.greaternoidaauthority.in to apply for the scheme.
YEIDA to also introduce OTS scheme
Yamuna Expressway Authority is also planning to introduce an OTS scheme to settle the dues of group housing projects. “The Authority is planning to put a proposal of bringing an OTS scheme in its board meeting on September 12. Under the scheme, the Authority is planning to waive penal interest on financial dues for group housing projects along the Yamuna Expressway area,” a YEIDA official said. He added the modalities of the scheme are yet to be decided.
The official said it is just a proposal, but if approved it will address the financial woes of developers and provide relief to homebuyers.