Noida’s rescheduling scheme fails to garner attraction from developers

By Ramesh Kumar
Photo: City Spidey
Posted: Apr 21, 2019

The scheme, which was introduced by Noida Authority to encourage developers to finish stalled group housing projects, has failed to garner a lot of attraction from the developers.

Under the scheme, there was a provision to deposit only ten per cent of total land dues before getting completion certificates of the respective projects.

An officer, on condition of anonymity said that the department received only seven to eight applications for rescheduling.

But these applications didn't serve any purpose as applicants hadn't deposited the prescribed amount, which is 10 per cent of dues that they owe to Authority against land allotment for development of housing projects.

He said, “We cannot consider the applications till the amount is deposited in the bank account of Authority. Currently, it has no meaning for us.”

The Scheme was launched in October last year and the deadlines were extended. Authority extended the deadline from March 31 to May 31 this year. It will end next month if it is not extended further.

The Authority also declared them defaulters, following which they are barred from borrowing fund from financial institutions or banks. To come out of this list, they will have to deposit the due amount.

The officer informed that if the developers come forward for rescheduling scheme, they are welcome but they will have to deposit the amount for obtaining completion certificates.

Many home buyers are facing problems as registry of their flats are on hold. It can't be processed before the Authority gives completion certificates.

TAGS: Noida Authority’s rescheduling scheme / Noida group housing projects / Scheme to get completion certificate / Noida news