The Greater Noida Authority has come up with a new group housing plot scheme after almost a decade.
The scheme was floated on February 7. The deadline for applying for the scheme is February 27, 2024 with applicants having until March 1 to submit documents. According to the authority, the lands are free from all legal disputes and will be ready for possession within 30 days.
What is on offer?
The scheme offers a total of 8 plots in different sectors and the size is from 3.5 acres to 10 acres.
“We will allot these plots on the basis of e-auction. Whosoever will place the highest bid against a plot, will get the plot. The date for the e-auction will be decided later,” said a senior official aware of the Greater Noida authority.
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Where are the plots located?
These plots are situated in Sectors Mu, Omicron, Eta, Sigma, 36, and 12.
“The developers will have to pay the entire land cost within 90 days and they will have to complete the project according to the approved layout plan and obtain an occupancy certificate from the authority within seven years from the date of the lease deed execution,” said the same official.
The smallest plot with size 3.5 acres, is offered in Sector 36, 4.5-acre plot is located in Mu sector, 7.5-acre plot is located in Omicron 1A, 7-acre plot is situated in Eta 2.
“Two plots of 7.5 acres and 9.5 acres are located in Sigma 3, and two plots of 5.5 acres and 8 acres are available in Sector 12. The deadline for applying for the scheme is February 27, 2024 with applicants having until March 1 to submit documents. According to the authority, the lands are free from all legal disputes and will be ready for possession within 30 days,” said the same official.
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Why has the scheme been launched after a long gap?
The authority had done large scale allotment of the group housing plots earlier in 2009-10. Since 2010 Greater Noida hardly came up with the group housing scheme because it did not have much of the housing land to be used and also the land allotted a decade ago is yet to be developed completely. In 2010 the authority had allotted around 3000 hectares of housing land for the dozens of the realty sectors. Most of the realtors are still developing their respective housing land and in the process to complete the same offering the possession to the homebuyers.
Price of plots
The land rates range from ₹36,500 per sqm to ₹48,300 per sqm, with the total reserved price for these plots exceeding ₹970 crore. The plot allotment will be on a leasehold basis for 90 years from the date of the lease deed execution.
Amalgamation and sub-division of plots not permitted
The authority will not allow amalgamation or subdivision is allowed on the allotted plots. The allottee is solely responsible for the development and construction of all proposed activities as approved by the authority. Consortiums are allowed but must remain unchanged until the completion of the full project.
The lead member as well as other members will equally be responsible for project completion. They will be required to form a special purpose company (SPC) that will subsequently carry out all its responsibilities as the allottee.
The shareholding and lead member of the SPC will be the same as the memorandum of association (MOA) signed between all consortium members. The lease deed shall be made in favour of the SPC.
Payment plan
Those interested in applying for the scheme will have to deposit 10% of the reserved cost of plot as registration money along with processing fee of ₹4.15 lakh. Developers who are successful will have to pay the entire land cost amount within 90 days after the allotment letter is issued.
The application forms and brochures can be downloaded from www.greaternoidaauthority.in
