G Noida’s 1-time settlement scheme for flat allottees who defaulted on payments
The scheme is meant only for those apartment owners, who have bought the flats from the authority in its flat schemes
The Greater Noida authority has started a one-time settlement scheme for apartment allottees who have defaulted on payments of the apartment cost or got delayed in executing registry within the stipulated time.
In the scheme, the authority is offering waiver of penal interest on the defaulted amount of the apartment cost, waiver of penal interest on defaulted amount of the hiked flat cost, and also waiver on a part of the late fee imposed for delay in executing registry of the apartment, said officials.
The scheme started on September 1, and will continue till December 31, 2023, said officials, adding that this scheme is meant only for those apartment owners, who have bought the flats from the authority in its flat schemes.
The scheme will prove beneficial to thousands of apartment owners, who failed to pay the cost of their apartments within the stipulated time, and those who defaulted in paying the increased cost of the apartment. The cost was increased after the authority had to pay the 64.7% hiked additional land compensation to farmers from whom the authority has acquired the land, said officials.
The late fee partial waiver -- about 20-80% of the total fee-- will benefit those who delayed the execution of registry of the apartment, thereby causing a loss to the authority, said officials.
“The OTS is meant for benefiting thousands of apartment allottees who can get waivers on penal interest and also on late fee for delayed registry. After December 31, 2023, the authority will not offer such a benefit,” said Ravikumar NG, chief executive officer, Greater Noida authority.
The interested allottees can visit the portal of the Greater Noida authority and then apply for the scheme.
The one time settlement scheem was approved in the 131st board meeting of the authority held on August 12, 2023. The board gave in to the demands of apartment owners as the authority also wants to recover its financial dues from allottees.
But if any one wants to take benefit of the OTS then one will have to make payment of 50% defaulted amount, or 50% of the defaulted amount of the hiked cost; or 50% of late fee amount imposed due to the delay in registry, said officials.
“Once the allottee will deposit the 50% amount, the authority will process the application within 15 days and give the allottee the time to make the remaining payment. If the allottee will fail to pay the remaining 50% of cost against the respective property, then the waivers given will be automatically withdrawn,” said another Greater Noida authority official, asking not to be named.
For an apartment of a size of up to 60 square metres, 80% late fee will be waived if the allottee will apply till October, 60% if the allottee applies before November, and 40% if the allottee applies by December. And for an apartment of sizes above 60 square metres, the late fee waiver on registry delay will be 40% till October, 30% till November and 20% till December this year.
The applicant will also have to pay ₹2,000 processing fee if the apartment is up to the size of 150 square metres and processing fee will be ₹5,000 if the flat is above the size of 150 square metres, said officials.
The authority aims to collect a revenue of around ₹468 crore in all from over 2,200 apartment allottees, said officials.