The Greater Noida Authority has introduced a One Time Settlement (OTS) scheme for multi-storey building allottees to clear outstanding dues. Over 2,200 homebuyers who haven't executed lease deeds stand to benefit, with potential collections of Rs 468 crore in dues and premiums. Applicants can apply for the scheme from September 5 to December 31, receiving discounts of 20-80% on penal interests based on flat size. Eligibility is for those who haven't benefited from similar schemes earlier, and applicants must pay a processing fee and 50% of dues by December 31. The property department aims to process applications within 15 days.
.png)
The Greater Noida Authority has initiated an enticing One Time Settlement (OTS) scheme aimed at allottees of multi-storey buildings to alleviate their outstanding dues. This scheme is poised to bring relief to more than 2,200 homebuyers who have not yet executed their lease deeds, with the Greater Noida Industrial Development Authority (GNIDA) anticipating a substantial collection of Rs 468 crore in dues and premiums.
The framework of the scheme grants applicants an extended window of three months to apply, spanning from September 5 to December 31. In return, they are entitled to substantial discounts ranging from 20% to 80% on penal interests, which are incurred on premiums, additional compensation, and lease deed late fees. These discounts are determined based on the size of the flats in question.
Crucially, only those who haven't previously availed themselves of benefits related to premiums, additional compensation, and lease deed late fees through prior OTS schemes are eligible this time around. To participate in the scheme, interested parties must adhere to specific financial requirements. They are required to pay processing fees, which amounts to Rs 2,000 for a 150 sqm area and Rs 5,000 for areas exceeding 150 sqm. Additionally, applicants must submit an initial payment of 50% of their outstanding dues alongside their applications before the December 31 deadline.
The GNIDA has streamlined the application process, offering multiple channels for submission. Applicants can choose between registered post, the allottee online service, or in-person submission at the authority's dispatch counter. The property department, responsible for overseeing this initiative, will meticulously record and manage all incoming applications, creating a separate register to log essential application details.
Regarding the premium component, allottees are mandated to pay the simple interest accrued on the default amount, calculated up to the current date. The interest rate applied is either the rate in effect at the time of property allotment or a rate later determined by the Authority. Importantly, no penal interest will be imposed on the default amount in this category.
In terms of the additional compensation, allottees are required to satisfy specific interest obligations. They must pay 9.5% interest on the outstanding amount accrued until June 30, 2020. Following this, simple interest will be applicable at a rate of 8.5%, or another rate subsequently established, effective from July 1, 2020. Similar to the premium category, penal interest is not a factor in this component.
The scheme presents variable discounts on lease deed late fees, dependent on the size of the allotted flats. For allottees with flats up to 60 sqm, an 80% discount is offered if they apply before October 30. This discount decreases to 60% for those who submit their applications from October 31 to November 30, and further reduces to 40% for applications received from December 1 to December 31. Meanwhile, allottees with flats exceeding 60 sqm are eligible for a 40% discount on the lease deed late fee if they apply by October 30. This discount decreases to 30% for applications submitted between October 31 and November 30, and finally, a 20% discount is applicable for applications received from December 1 to December 31.
In conclusion, the Greater Noida Authority's One Time Settlement scheme represents a significant relief effort aimed at resolving outstanding dues and providing financial relief to homebuyers who have faced challenges in executing lease deeds for their multi-storey building allotments. With tailored discounts based on the size of the flats and a streamlined application process, this initiative seeks to strike a balance between alleviating financial burdens and ensuring efficient processing of applications. For both the GNIDA and the eligible allottees, this scheme marks a crucial step in addressing long-standing financial obligations and fostering a more favorable real estate environment in Greater Noida.
Advertisement
Facebook
Whatsapp
