23.Nov.2022
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The federation of real estate developers association of India has recommended the authorities of Noida, and Greater Noida thinks again about their decision to provide developers with just three months window to pay the total cost of plots after allotment is done under the new scheme. Before this, the payment period was ten years.
Credai members said a 3-5 year window should be chosen because this new rule will only allow the big developers to remain in the business.
As this time was for ten years, the condition of paying payment within three months is very rough. The president of Cedar-NCR, Manoj gaur TOI said developers could make the without interest within three months and be given preference, but there should be a rule of making a payment within 3-5 years; this will also create local developers to participate in this.
Furthermore, completing a project in 3 years is not possible because it takes six months to two years to prepare the plans, complete the formalities and get approval from UP-Rera and receive the environmental clearances, Credai member Said.
Recently the payment terms and condition has been changed by the Noida authority, and GNIDA, Noida authority CEO Ritu Maheshwari said that the latest decision had been taken in view of the CAG objections. Making changes to the payment plan is not possible.
The developer association has also found similarities in the land bylaws of the three development authorities of Gautam Budh Nagar. The request has been received in the wake of the GNIDA allowing ground covering 40% of the plot size in their upcoming scheme of commercial plots. In contrast, the Noida authority allows 50%. And Yamuna expressway authority allows 40% ground coverage.
Manoj said that he would write to the authorities and state govt. And look for changes.
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