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Uniform Land Allocation Policy Approved for Gautam Budh Nagar District
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Uniform Land Allocation Policy Approved for Gautam Budh Nagar District

NOIDA: Uttar Pradesh chief secretary and chairman of Noida and Greater Noida boards Manoj Kumar Singh on Sunday approved a proposal to ensure that the policy for allotment of all kinds of land remains uniform in Noida, Greater Noida and Yamuna. Highway Industrial Development Authorities – the three industry bodies. He ordered staff of the three authorities to allocate land according to a uniform policy.

The council also approved the proposal to approve the registration permission of the remaining 24,661 apartments out of 62,912 units in 73 housing projects. (HT photo)
The council also approved the proposal to approve the registration permission of the remaining 24,661 apartments out of 62,912 units in 73 housing projects. (HT photo)

The move followed complaints from entrepreneurs that there were different land allotment policies in the three industrial bodies in Gautam Budh Nagar district and causing confusion among the beneficiaries.

“The Greater Noida Authority Board, in its 136th meeting, approved the decision to introduce uniformity in subdivision in three industrial towns. This is a long-awaited decision which has been taken in favor of existing land owners and new investors, who wish to purchase the land to set up their business in these three cities,” said Ravi Kumar NG, Managing Director of the Greater Noida Authority. .

The uniform policy is related to the eligibility criteria of land allocation, calculation of lease rent, cancellation of plots, restoration of a canceled plot and handling of other matters regarding plots in three industrial organizations.

The council also approved the proposal to approve the registration permission of the remaining 24,661 apartments out of 62,912 units in 73 housing projects. In the last six months, Greater Noida authorities have already sanctioned the construction of 38,661 apartments, officials said.

To issue registration permission, the authority first issues the occupancy certificate (OC) for a complete housing project and also asks the real estate agent to settle their financial dues, because without the certificate of non- contribution, the OC cannot be issued and hinders the registration process. authorization, they added.

So far the authority has recovered 547 crore in land dues against real estate projects that have obtained clearance from the registry. He will recover 1,300 crore in additional revenue, once the remaining apartments are registered, and the title of the property will be transferred from the real estate agent to the apartment buyer.

The authority also approved a decision allowing the water department to construct four new water tanks to streamline water supply to households. The authority will construct three water reservoirs in Greater Noida West and one in the eastern part for free-flowing water supply from the Ganga. So far, the authority is supplying Ganga water only to 50 residential areas.

“The authority will manage to provide Ganga water supply to 58 residential areas by the end of December 2024 as we work towards upgrading the existing infrastructure,” said an official of the Greater Noida Authority while speaking to the development.

Meanwhile, the authority also approved a proposal that paves the way for the registration of 845 apartments in old age homes after 25 years. The authority resolved technical issues and issued OCs to the senior citizens’ society, thereby helping buyers execute the registry and transfer their apartment into their name.

Following the Noida and Yamuna Expressway authorities, the Greater Noida Authority has approved a proposal in its board which allows sale of property through a ‘registered agreement’ as with unregistered deals, it results in huge revenue losses with each sale, officials said.

Currently, when a buyer purchases a property under a new builder project, they pay 10% of the total cost of the property and sign an unregistered agreement detailing the specifications of the property, including delivery date, quality specifications and payment plan etc.

In the future, a real estate agent and a property buyer will have to pay stamp duty on the cost of the property of 10% at the time of entering into the agreement, and the agreement will have to be registered at the local registration office and Uttar Pradesh Stamp Station located nearby, officials said.

“The Uttar Pradesh Real Estate Regulation Act, 2016 also makes it mandatory for buyer-builders to enter into a sale of property only through a registered agreement after stamp duty has been paid to the state government . If this state government order is implemented, real estate agents will not be able to fraudulently sell a property to multiple buyers, thereby cheating innocent buyers,” said Saumya Srivastava, additional director general, Greater Noida authority .

Meanwhile, Noida Power Company Limited (NPCL) Managing Director PR Kumar on Sunday met the UP Chief Secretary and handed over a check of 8.84 crore (gross amount of 9.82 crore) as part of its initiative to pay dividends to shareholders. The Greater Noida Industrial Authority has this fund for 2023-24 as it is one of the shareholders of the Greater Noida Electricity Distribution Company.