GNIDA board approves several changes to housing policy

Earlier this week, in a bid to provide respite to several homebuyers and developers, the boards of Noida and Greater Noida civic authorities approved several amendments to their policies pertaining to housing. The two authorities formed a committee to jointly solve the problems being raised by builders and homebuyers regarding several issues. The most notable amendments are mentioned below:

1. Rescheduling dues: Under the new changes a builder or buyer can reschedule payment on an outstanding amount that includes but not limited to original instalment, additional compensation, and lease rent for up to two years. The interest rate will be fixed by the Supreme Court every six months for the same and the builder would have to deposit 20 percent of the total outstanding amount within one month from the date of issue of the rescheduled timeline. If an allottee defaults on two instalments after rescheduling, the builder or authority in-charge can cancel their allotment without notice. The policy will be applicable to residential and commercial properties.

2. Time extension policy: To address concerns about sub-lease deeds of flats, the Noida Authority has amended the time extension policy where if a claim for time extension is raised for completion of a project, the fee will be proportionally calculated according to the premium of the remaining area. New allotments will be given a maximum of 13 years as extension; however, the first phase must be completed within 7 years to avoid cancellation. For old allotments, time extension for the entire project will be awarded on a case-by-case basis, with a maximum cap of 15 years from execution of the lease deed.

3. Structural audit policy: A framework was developed and approved to conduct structural audits of multi-story buildings in Greater Noida. A panel is to be formed with experts from NITs, IITs and central universities who will carry out the audits at the cost to the builders for the first five years of issuance of the occupancy certificate, following which the residents’ associations are to bear the costs for the same.

4. Façade lighting: Residents will have to install facade lights on buildings located along the Noida-Greater Noida Expressway and the 105-meter road in front of the GNIDA office.

5. Pet registration: All pet owners will have to register their cats and dogs with concerned authorities. Stray dog feeders are to be provided with identity cards by residents’ bodies and agencies nominated by the authorities will tag stray dogs for sterilisation.

Next (BMC to pay 470cr to acquire AAI owned land in Mumbai)

GNIDA board approves several changes to housing policy

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