Greater Noida likely to change land allotment rule
The Greater Noida Authority is likely to put forward a proposal to change its land allotment policy before the Greater Noida Board in its next meeting scheduled on September 20.
According to the new policy, the allottees will have to pay 10% of land cost at the time of registration of property and another 20% after allotment. The balance 70% will be collected in 14 instalments over a period of seven years. Currently, developers in Greater Noida have to pay a mere 5% at the time of registration of property and 5% towards allotment, while the balance amount is collected over 12 years, including a two-year moratorium. Once the policy is revised by the Greater Noida Authority, the two-year holiday enjoyed by the allottees is likely to be done away with.
In June this year, Noida Authority changed its allotment policy to 40% deposit at the time of allotment, including 10% at registration and balance in four subsequent years in eight semi-annual instalments at a compound interest rate of 11%. YEIDA in the same month also approved a revised allotment policy for different categories of land use.
The Greater Noida Authority is also likely to propose to the Board, cancellation of allotment of property of all allottees who will not register their land by March 31, 2018. The proposal is likely to offer incentives to allottees to register their property in time and levy a penalty on those who do not.