Greater Noida Waives Penalty on Late Property Registration

Greater Noida Waives Penalty on Late Property Registration
Jul 2020 , by , in Latest News, News/Views

The Greater Noida authority said it will not levy any penalties on property allottees who failed to register flat, group housing project, or plots between March 22 and May 31, 2020, due to the coronavirus disease (Covid-19) pandemic and the subsequent nationwide lockdown. The authority has also given additional time to allottees to clear their payments by July 15 to evade any penalty.

However, If the property allottees fail to get done their work done by July 15, then the authority is free to impose a penalty. The authority has the power to impose penalties if the registry of a flat, plot, or group housing project is not executed within the stipulated time frame.

The authority can impose a ₹100 penalty on a per-day basis for delaying the registry of a flat 100 square meter in area, ₹50 per day penalty for a 50 square meter flat, and the penalty for late registry of all kinds of plots is 1% of the total cost of the plot, officials said.

Apart from the late penalty, the authority will also not recover ₹100 per day fine from builders, individuals or industrial allottees who could not obtain occupancy certificate for their complete buildings or those who failed to execute the transfer of memorandum (TM)—a process required before execution of registry.

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