Builders can not divide and sell plots says Greater Noida Authority!

builders-can-not-divide-and-sell-plot-greater-noida-authority

Developers will no longer be able to subdivide and sell their allotted land in Greater Noida and for industrial setup as well. They can not divide and sell land before the establishment of the local authority, and they must also pay a development fee.

The decisions were made today at the 124th board meeting of the Greater Noida Industrial Development Authority (GNIDA) at its Greater Noida office. Sanjeev Mittal, Uttar Pradesh Commissioner for Industrial Development, chaired the meeting attended by GNIDA CEO Narendra Bhoshan and several other senior level officials.

Villages will have smart classroom and libraries-

The board approved a proposal to transform 14 villages into smart villages. Mr. Bhoshan informed the board that a pilot project has been started in Maicha village. The tenders will soon be announced for 13 more villages.

In the first phase of smart village initiative, facilities for drinking water, drains, sewer connections, streets and electricity lines will be built. In the second phase – libraries, Wi-Fi, youth training centers and smart classrooms will be created in the schools of these cities.

Industries that started in Greater Noida even before GNIDA was formed will now be able to buy FAR (floor area ratio) on the remaining plots. They have to pay a fixed fee for this purchase. These companies must also have to pay development fees as well.

Now the apartments will be available to buyers on time

GNIDA stated that in view of the interests of apartment buyers, the board has made an important decision regarding developers to subdivide the plots and sell them. Now the division of large plots is forbidden. This means that the developer will now not be able to independently sell (divide) the plots allocated to him by GNIDA. They will have to complete the project.
This decision taken by GNIDA has two advantages. The builders will only take the land on which they want to build the project. Secondly, the apartments will be delivered on time. GNIDA said that time will not be wasted due to the subdivision of plots. The designated developer will be responsible for the timely delivery of apartments to buyers.

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Greater Noida authority reduces transfer fee on real estate transactions

greater-noida-authority-reduces-transfer-fee-on-real-estate-transactions

Greater Noida’s authority has lowered the real estate transfer fees charged for resale properties, making life easier for thousands of home buyers.

At a board meeting, the authority decided to reduce the transfer fee from 10% to 5% in institutional, commercial, and industrial categories. The allottees or buyers in Greater Noida must pay a transfer fee on the full resale value of the property along with the registration fee.

Dhiraj Jain, Director, Mahagun Group said, one of the decisions made at the meeting was to reduce transfer fees from 5% to 2.5% for residential areas, townhouses, shops / kiosks. The transfer fees are set at a maximum of one percent to 2.5 percent. This decision will definitely uplift the resale real estate market in different categories.
For group housing societies or companies, the government has limited transfer fees to 1%.

Yash Miglani, Managing Director, Migsun Group said, the board meeting of the Greater Noida Authority proved fruitful for the real estate industry. It is expected that many issues will be resolved. The decision made to reduce the transfer fees, which will increase the resale market. The sector needs constant support from the authorities, especially in the current challenging environment.

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Greater Noida development body starts new industrial plot scheme

To increase investment, the authority of Greater Noida (GNIDA) has launched a scheme of industrial plants, around 41 sites, ranging from 905 to 4062 square meters in Ecotech sectors 10 and 11.

Online applications for the program can be submitted at www.niveshmitra.up.nic.in by June 30. The process of allotment will begin on July 1 through lotteries and interviews for plots over 4,000 square feet. From this allocation, the GNIDA expects an investment of Rs 93 crore, which will cover a total area of ​​83,000 square meters.

Deep Chandra, additional CEO of Greater Noida Administration, said, we have developed a layout of an industrial plot scheme, where 38 plots or lands from 905 to 4062 sqm will be available in the Ecotech 10 and 11 GNIDA sectors. In addition, there are three plots of more than 4,000 square meter in these two sectors.

Narendra Bhuhsan, CEO of GNIDA, said, while GNIDA invites investment under the “ease of doing business model” proposed by the state government. Its goal is to encourage more multinational companies to set up operations in the area. “Many electronics manufacturers from Japan, Korea, and Taiwan have expressed interest in opening their manufacturing setup in Greater Noida. So, even in the Covid era, we launched an industrial land scheme to stimulate more investment. In addition, the Greater Noida administration will soon unveil new housing schemes for institutional, commercial, information technology, builders, and housing groups.

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Noida flat buyers stumble at Registration hurdles

Noida and Greater Noida development authorities have warned the default developers. The authorities have asked them to pay the due amount or to be ready for facing severe actions from the part of authority.

Home buyers are affected by the new decision of  Noida Authorities not to sanction the layout plans of default developers.

Home buyers are affected by the new decision of Noida Authorities not to sanction the layout plans of default developers.

It seems there is no end for flat buyers in Noida and Greater Noida. The latest registration hurdles has become a pouring of oil to their already- burning issues.

Those builders who have due-payments will not be allowed to register flats in the name of flat buyers. As a result those who have booked flats in Noida and Greater Noida will be troubled.

According to the latest reports, available with the authority, the government has lost Rs.4000 Cr in the form of default payment. Around sixty developers have not paid back the due amount.

Speaking on the issue Mr. H K Verma, additional CEO at Greater Noida Authority, said that the authority will not issue completion certificate to the default developers. He added that layout plans also will not be approved.

Around sixty builders are to pay the two authorities Rs.6000 Cr. The list contains some of the top and well renowned developers.

Noida flat buyers see no rays of hope ahead.

Noida flat buyers see no ready to-move-in home ahead, but barren land.

Mr. Verma informed that the authority is forced to take such harsh stand. It has to find sufficient fund for compensating the farmers. On the other side the Authorities are facing a severe financial crunch now.

Considering the problems of the flat buyers, the Authorities were thinking of not passing any such orders. However now they have no option to tackle the situation in which the Authorities are to pay huge amounts to the farmers as compensation.

Several notices were issued to the default developers. However the builders did not take any action or take the notices seriously. This prompted the Authorities to take tougher stand against these builders. Whatsoever, always the burden is upon the poor home buyers. Their wait to own their dream homes seems to get longer with this new issue.

Noida Extension Flat Owners Relieved As NCDRC Stays Cancellation

National Consumer Dispute Redressal Commission; providing great relief to the flat owners of Noida Extension, has stayed the cancellation of flats by a developer.

Flat buyers of Noida Extension finally relieved as their cancelled bookings were stayed.

Flat buyers of Noida Extension finally relieved as their cancelled bookings were stayed by NCDRC.

Proposed flat owners of Noida Extension finally were relieved as National Consumer Dispute Redressal Commission stayed the cancellation of their bookings. The commission stayed the cancellation of over 100 flats which were allegedly cancelled by a developer.

It was in last month; leaving the flat owners to stay in distress, a developer cancelled the bookings soon after the Greater Noida Master Plan 2021 was approved by the planning board of NCR. Once the Master Plan got the approval, the construction was resumed in the area.

Distressed home buyers of Noida Extension had approached the commission earlier last month against the private developer who cancelled their bookings. Continue reading

The Supreme Court Upheld the Noida Extension Order

The Supreme court had upheld the order of Allahabad High Court that had nullified the possession of Greater Noida Authority of land of Greater Noida in Shahberi Village. Also, Supreme Court had imposed a fine of INR 10 lakh on the Greater Noida Authority. The SC said the Greater Noida Authority bought lands from farmers for industrial projects but later they changed the land usage to residential projects which is a complete act of violation of the purpose of the land. The SC’s decision is likely to affect several builders – Amarpali, Ajnara, Mahagun, Supertech and Panchsheel.

On the contrary, Supertech Limited has not launched or sold any project on the land falling in this village. This village is closest to the project Eco Village2 but the current land of this project does not belong to this village. Construction is on for all the 3 projects – Ecovillage-1, Ecovillage-2, Ecovillage-3) in Noida Extn. Thus all the investments are fully safe and project would be completed on time. The Ecovillage housing are affordable with starting price as 9.85 lakhs.

So, Noida Extension’s loss will yield an unexpected gain for other locations such as Noida, Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension?