The Greater Noida Industrial Development Authority (GNIDA) has initiated a one-time settlement (OTS) scheme in an effort to address outstanding dues from approximately 2,200 flat allottees who participated in previous apartment schemes but defaulted on their payments. The scheme is designed to recover approximately Rs 468 crore in overdue payments. Key features of the OTS scheme include the waiving of penal interest on defaulted flat costs and additional compensation charges. Additionally, the scheme offers a partial waiver of late fee penal interest based on the timing of the apartment registry.
According to the order issued by the Authority on September 6, only those individuals who purchased flats through the Authority’s flat schemes but were unable to fulfill their financial obligations will be eligible for the OTS scheme. It does not apply to builder dues. The scheme, which commenced on September 1, will remain open until December 31, 2023.
The need for this scheme arose because the Authority had to disburse a 64.7 percent additional land compensation to the farmers from whom they had acquired the land, ultimately leading to an increase in the flat costs, which were then passed on to the buyers. Under the OTS scheme, the penal interest on these additional compensation charges will be forgiven.
The extent of the late fee penal interest waiver will vary depending on the size of the flat. For apartments up to 60 square meters, nearly 80 percent of the late fee will be waived if the allottee applies by October. This percentage decreases to 60 percent for applications submitted in November and 40 percent for those received by December. For apartments larger than 60 square meters, the late fee waiver on registry delays will be 40 percent until October, 30 percent until November, and 20 percent until December 2023.
Applicants will be required to pay a processing fee of Rs 2,000 if the apartment size is up to 150 square meters and Rs 5,000 for apartments larger than 150 square meters. To benefit from the OTS, defaulting allottees must first make a 50 percent payment of the overdue amount.
To apply for the scheme, allottees can visit the GNIDA website at www.greaternoidaauthority.in.
Furthermore, the Yamuna Expressway Authority (YEIDA) is considering the introduction of a similar OTS scheme to settle outstanding dues related to group housing projects. This proposal is expected to be presented at the board meeting on September 12. If approved, the scheme would entail waiving penal interest on financial dues associated with group housing projects along the Yamuna Expressway area, potentially offering relief to both developers and homebuyers. The specific details of this scheme are yet to be determined.