Noida Authority Issues New Guidelines on ‘Time Extension Fee’
The Greater Noida Authority in its board meeting decided to charge time extension fee on the basis area constructed and the remaining area on the project. The fee will be calculated according to proportionate area. In the case of old allotments, time extension for the entire project will be given on case to case basis up to a maximum of 15 years from the lease deed, the authority said in an official statement. For new allotments, time extension for the entire project will be given on case to case basis up to a maximum of 13 years from the lease deed. If the completion of the first phase of the project is not completed within seven years from the lease deed, the allotment will be compulsorily cancelled. The decisions were taken during the 208th board meeting of the Noida Authority chaired by Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar. It has been decided to encourage speedy execution of sub-lease deed of flats in favour of home buyers. It also announced a hike in land purchase rate from farmers to Rs 5,324 per square metres from the existing Rs 5,060 per square metres. The authority said that it would bring a scheme to facilitate the resettlement of dues in group housing projects and sports city plots to help home buyers with the registry. Regarding the determination of rates of land to be purchased from farmers by mutual agreement, the statement stated, “On the basis of the registered sale deed, the purchase was being made by the Noida Authority at the rate of ?5,060 per sq m. It was decided to increase it to Rs 5,324 per sq m in the public interest." For the facilitation of resettlement in residential projects of group housing, the Noida Authority said, “In order to solve the problems in the registry of flats owners, the facility of rescheduling will be brought from 01.01.2023 to 31.03.2023 for depositing overdue for residential and sports city plots in Group Housing, Commercial Department." “Under the rescheduling facility, the installments will be rescheduled by capitalizing the overdue amount of premium/interest/ or earlier rescheduled premium/interest and additional compensation, lease rent, and overdue future installments. The tenure of the rescheduled payment plan will not exceed two years." It also announced bringing in a three months amnesty scheme for exemption of interest on water charges and regularization of unauthorized water connections which will be applicable only till March 31, 2023, after which normal rates of recovery would apply, according to the statement.
Tags : Greater Noida Authority board meeting project allotments Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar