GNIDA’s New OTS Scheme Offers Homebuyers Up to 80% Discounts on Outstanding Dues

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    The Greater Noida Authority has introduced an enticing One-Time Settlement (OTS) scheme for recipients of multi-storey buildings to clear their outstanding dues. This initiative is set to benefit over 2,200 homeowners who have yet to formalize their lease agreements. GNIDA is expected to amass approximately Rs 468 crore through installment payments and premiums.

    Aspiring participants will have a window of more than three months to apply for the program, starting from September 5 and ending on December 31. They will be eligible for discounts ranging from 20% to 80% on penalty interest, additional compensation, and late payment fees associated with lease deeds, depending on the size of their apartment.

    This time around, only those individuals who have not availed of benefits related to premium, additional compensation, and late deed charges in previous OTS schemes will be eligible. To take advantage of this scheme, applicants will need to submit their applications along with a processing fee (Rs 2,000 for areas up to 150 square meters and Rs 5,000 for areas exceeding 150 square meters), as well as an initial payment of 50% of the fees, all before December 31.

    GNIDA will accept applications through certified mail, online services for beneficiaries, and at the authority’s service counter. The property department will maintain a dedicated record of the received applications, meticulously documenting the details.

    Regarding the premium, successful applicants must pay the simple interest accrued on the overdue amount up to the date of property adjudication, at the prevailing rate or as subsequently determined by the Authority. However, there will be no punitive interest levied on the default amount.

    Regarding the additional compensation of 64.7%, successful applicants will be obligated to pay an interest of 9.5% on the predetermined amount until June 30, 2020, and simple interest of 8.5% or any other rate specified thereafter from July 1, 2020. No punitive interest will be imposed on these fees.

    For winners of flats up to 60 square meters, the lease fee discount stands at 80% if requested before October 30, 60% if requested between October 31 and November 30, and 40% if requested from December 1 to 31. For winners with apartments exceeding 60 square meters, there is a 40% discount on late lease payment surcharges if requested before October 30, a 30% discount if requested between October 31 and November 30, and a 20% discount if requested from December 1 to 31.

    The property department commits to processing these requests within 15 days of receiving them.

    Read more: 5,200 Flats in 19 Greater Noida Projects Approved for Registration by GNIDA

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