This Tuesday the Greater Noida Industrial Development Authority (GNIDA) added a dash of relief to paradigms concerning lease rent for group housing plots. This initiative will capacitate a minimum of 4,000 buyers with the facility of immediately registering their homes. Going by the word of officials, GNIDA has endorsed a proposal to acquire lease rent in three installments from developers who are not cut out to pay it all at once.

As stated by officials, builders who have applied for this option and it has been approved are required to deposit the first instalment without delay. January 15, 2018 is the deadline for the second installment and the third instalment is required to be deposited by March 15, 2018. This was communicated by BK Tripathi, the Additional CEO (ACEO), GNIDA.

He also said that this alternative applies to builders who have formally completed the first phase of their respective projects in the last six months or one year. However, registry is in the lurch because they have not yet paid the one-time lease rent. The ultimate aim is to make way for registries and hand over the keys of these residential flats to their buyers. As far as possible, five group housing projects and around 4,000 units, will be benefited by this relaxation, as confirmed by Tripathi.

GNIDA officials also said that the Authority had endorsed completion certificates for three other group housing projects. This will enable 2,695 homebuyers to get possession of their homes in Nirala (988 flats), SJP Infracon (920 flats) and AVP Realty (787 flats). Completion certificates are expected to be signed for another 800 flats by March 2018.

In the meantime, the auditing company Currie & Brown has complained to GNIDA about 16 builders with group housing projects in Greater Noida. Currie & Brown is doing a tangible and financial audit of these projects. GNIDA is on the brink of sending notices to at least 14 builders for holding back details of the company.

Until now, just two builders have come up with the information and documentation, as demanded by the auditing firm. GNIDA is preparing to step up stringent measures against builders who have not yet submitted the information asked for, as the Authority has to present a report of the audit to the UP government by the close of this year.

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