Noida and Greater Noida authority lay out rescheduling of builder payments; GNIDA to follow Noida Authority regarding pet policy
Officials said this rescheduling will apply to the original instalment payment, additional compensation as well as the lease rent.
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The authorities have also announced there will be a reduction in time extension fees for projects in progress. (File) The Noida and Greater Noida Authority have approved a rescheduled payment plan spanning two years for outstanding dues of builders. Greater Noida Industrial Development Authority (GNIDA) officials said this had been proposed at the board meetings of both authorities Wednesday in light of the increasing delays in getting possession and registry of flats for buyers.
Officials said this rescheduling will apply to the original instalment payment, additional compensation as well as the lease rent. The authorities will also send a rescheduling letter regarding the matter, after which 20 per cent of the outstanding amount would have to be deposited. However, officials have also warned if there is a default of payment on two instalments or more, allotments would be liable for cancellation without any notice.
The authorities have also announced there will be a reduction in time extension fees for projects in progress. Officials noted these charges are usually passed along to the buyer by builders, and also noted that 61 projects are to be completed. Due to this change, about 1.57 lakh flat buyers would stand to benefit from reduced charges.
Further, GNIDA has also confirmed it will follow in the footsteps of the Noida Authority with regard to the pet policy, including matters such as their registration. GNIDA officials had earlier said that steps are being taken to unveil a pet registration app for Greater Noida.
Meanwhile, fines for injuries caused by pets are already being implemented along the lines of Noida. In November, a Greater Noida resident was fined Rs 10,000 and instructed to pay for the costs of treatment after his pet dog bit a child in an elevator.
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