Greater Noida: Authorities mulling reduction in business reorganisation charges

GREATER NOIDA: In a major development, a common policy is being evolved to evaluate whether charges for allowing reorganisation of business and company structure can be brought down for allottees of industrial, institutional and commercial plots across the three industrial development authorities in Gautam Budh Nagar. The decision was taken at the Greater Noida Authority’s board meeting on Wednesday.

The Noida Authority, Greater Noida Industrial Development Authority (GNIDA) and Yamuna Expressway Industrial Development Authority (YEIDA) have been asking applicants to pay up 10% of the prevailing land premium for permitting changes in the constitution of business. But a lot of companies had sought exemption from paying up the charges since their businesses took a hit due to the pandemic this fiscal.

Senior officials of the industrial development department went through the proposal of GNIDA to offer relaxations to allottees who seek changes in partnership firms, limited liability partnership firms, private limited companies and the ones looking to change proprietorship company to partnership and the ones intending to change the shareholding pattern of promoters in public listed companies.

“Those looking to reorganise their companies and the organisation structure will be given relaxations. A committee will be constituted to come up with new guidelines that will be implemented by the three authorities,” said GNIDA’s CEO Narendra Bhooshan. GNIDA also asked for Rs 10,000 from the applicants looking to reconstitute the company structure as processing charges.

Among other key decisions, GNIDA will extend benefits of the one-time settlement scheme to all kinds of allottees. Applicable for group housing plots, the scheme will be rolled out for residential, commercial, institutional, ITes, commercial and institutional categories of allotment as well. An online grievance redressal platform will also be developed for the residents of Greater Noida to offer paperless services to them. Land pooling policy will be introduced for acquisition of land.

Meanwhile, authority officials on Wednesday said they have fast-tracked leaseback allotment and will hand over 6% developed plots to original farmers within six months. Out of 18,000 leaseback developed plots, the authority has disposed of applications and chose the allottees of 90,00 plots. Authority officials have also sought permission from senior officials to increase the amount they can keep in their custody under the escrow account. GNIDA had initiated a mechanism to set up escrow accounts with private builders.