Noida News: A one-time settlement (OTS) programme has been introduced by the Greater Noida Industrial Development Authority (GNIDA) for the about 2,200 apartment allocators of its prior residential schemes who have fallen behind on payments.
Details of the One-Time Settlement Scheme’s Benefits
According to the plan, the Authority will forgo penal interest on the defaulted portion of the apartment’s cost as well as any additional compensation fees. Additionally, the Authority will grant a partial waiver of penal interest of 20–80% on the late fee assessed for the delay in registering the apartment. Only those flat owners who purchased apartments from the Authority in its flat schemes but were unable to pay the money will be eligible for the OTS scheme, according to the order issued by the Authority on 6 September. On builder dues, it won’t apply. Beginning on September 1 and running through December 31, 2023, is the programme.
GNIDA’s Projections and Terms of the One-Time Settlement Scheme
The Authority anticipates recovering approximately Rs 468 crore in unpaid debt through the OTS scheme. According to officials, the Authority had to pay the farmers from whom it had purchased the property an additional 64.7 percent in compensation for the land, which increased the cost of the apartments, which was recovered from customers. The arrangement will exempt the additional compensation charges from penal interest. The size of the flat will determine the extent of the late fee penal interest waiver. According to the GNIDA directive, if the flat size is up to 60 square metres and the applicant applies by October, nearly 80% of the late charge will be waived. However, if the applicant applies by November, only 60% of the late cost will be cancelled, and if the applicant applies by December, only 40% of the late price will be waived. It further stated that the late fee waiver on registry delay for apartments larger than 60 square metres will be 40% until October, 30% until November, and 20% until December 2023.
Processing Fees and Eligibility Criteria for GNIDA’s OTS Scheme
Additionally, applicants must pay a processing fee of Rs 2,000 for apartments up to 150 sq m and Rs 5,000 for apartments larger than 150 sq m. The order further stated that the defaulter allottees could only use the OTS benefits after paying a 50% defaulted fee. To apply for the scheme, the allottees can go to the GNIDA website at www.greaternoidaauthority.in. The Yamuna Highway Authority also intends to implement an OTS programme to pay off debts associated with projects for communal living. On September 12, the Authority intends to present a proposal for bringing an OTS scheme to its board meeting. According to the plan, the Authority intends to waive penal interest on payment obligations for group housing developments along the Yamuna Motorway, according to a YEIDA official. He said that the scheme’s modalities have not yet been determined. The official clarified that although it is only a suggestion, if adopted, it will alleviate developers’ financial problems and ease homebuyers’ burdens.
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