Uniform land allotment policy approved for Gautam Budh Nagar district
The uniform policy is related to the eligibility criteria of land allotment, lease rent calculation, plot cancellation, restoration of a cancelled plot among others in the three industrial bodies
NOIDA: The Uttar Pradesh chief secretary, and chairman of the Noida and the Greater Noida authority boards, Manoj Kumar Singh, on Sunday approved a proposal seeking to ensure the allotment policy for all kinds of land remains uniform in Noida, Greater Noida and the Yamuna Expressway Industrial Development Authorities – the three industrial bodies.He directed the three authorities’ staff to allot the land through a uniform policy.
The move followed entrepreneurs’ complaints about existence of different land allotment policies in the three industrial bodies in Gautam Budh Nagar district and causing confusion among allottees.
“The Greater Noida authority’s board in its 136th meeting has approved the decision to introduce uniformity in the allotment in three industrial cities. This was a long awaited decision that has been taken in favour of the existing plot allottees and new investors, who want to buy the land to set up the business in these three cities,” said Ravi Kumar NG, chief executive officer, Greater Noida authority.
The uniform policy is related with the eligibility criteria of land allotment, lease rent calculation, plot cancellation, restoration of a cancelled plot and handling other issues about the plots in three industrial bodies.
The board has also approved the proposal to approve permission for the registry of remaining 24,661 apartments out of 62,912 units in 73 housing projects. In the last six months, the Greater Noida authority had already given permission for 38,661 apartments, said officials.
To issue registry permission, the authority first issues the occupancy certificate (OC) to a complete housing project and also asks the realtor to clear its financial dues because without the No Dues certificate, the OC cannot be issued, and it obstructs the way of registry permission, they added.
So far, the authority has recovered ₹547 crore land cost dues against the realty projects that obtained the registry permission. It will recover ₹1,300 crore more revenue, once the remaining apartments are registered, and the property title will be transferred from the realtor to the apartment buyer.
The authority also approved a decision, allowing the water works department to build four new water reservoirs to streamline the water supply in households. The authority will build three water reservoirs in Greater Noida West, and one in the Eastern part for smooth Ganga water supply. So far, the authority supplies the Ganga water only in 50 residential areas.
“The authority will manage to provide Ganga water supply to 58 residential areas by December-end, 2024 as we are working on upgrading the existing infrastructure,” said a Greater Noida authority official aware of the development.
Meanwhile, the authority has also approved a proposal that paves the way for the registry of 845 apartments in senior citizen society after 25 years. The authority addressed technical glitches and issued OCs to the senior citizen society, thereby helping the buyers execute the registry and transfer their apartment into their names.
Following Noida and the Yamuna Expressway authorities, the Greater Noida authority has approved a proposal in its board that allows the property sale through “registered agreement” because with unregistered agreements it bears huge revenue loss with each sale, said officials.
Currently, when a buyer purchases a property in a new builder’s project they pay 10 percent out of the property’s total cost, and sign an unregistered agreement detailing the specifications about the property including delivery date, quality specifications and payment plan, etc.
In future, a realtor and property buyer will have to pay stamp duty on the 10 percent property cost at the time of agreement, and the agreement will have to be registered in the Uttar Pradesh stamp and registration’s local office located nearby, officials said.
“The Uttar Pradesh real estate regulatory Act-2016 also makes it mandatory for the buyers-builders to execute a property sale only through a registered agreement after the stamp duty is paid to the state government. If this state government order is implemented, the realtors will not be able to sell one property to multiple buyers fraudulently, cheating innocent buyers,” said Saumya Srivastava, additional chief executive officer, Greater Noida authority.
Meanwhile, Noida Power Company Limited (NPCL) managing director PR Kumar on Sunday met with the UP chief secretary and handed him over a cheque of ₹8.84 crore (gross amount of ₹9.82 crore) as part of its initiative to pay dividends for the shareholders. The Greater Noida Industrial Authority has got this fund for 2023–24 as it is one of the shareholders of the power distribution company in Greater Noida.
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