Noida Authority launches duplex residence scheme in 4 sectors

“We will publicise the scheme through ads very soon and the duplex residences will be allotted through a lottery system,” Singh said.

The registration amount of the duplex residences is fixed at Rs 8 lakh for all categories. The allotment amount for each sector is different (see box). The rest of the amount will have to be paid in installments every six months.

A decision to announce a residential complex in Sector 116,which will have around 1,112 plots measuring 112.5 sq m each,was also taken at the board meeting.

Singh added that due to the effect of the downturn on the economy,the Authority’s board of directors has decided to charge only 2 per cent of the total amount as transfer money. It was 10 per cent earlier. “Excluding residential complexes,incomplete or under-construction industrial,institutional and commercial plots,allottees will have to pay only 2 per cent of the total cost of the property if they decide to transfer it,” Singh said.

The Authority has also announced that in case of private limited companies,limited companies,and partnership firms,including societies and trusts,no transfer charge will be levied if shareholders change their ownership under 50 per cent.