Six out of nine plots taken off Noida's group housing scheme

Six out of nine plots taken off Noida’s group housing scheme

NOIDA: The Noida Authority has revised its group housing scheme due to ongoing litigation over some of the land, officials said on Saturday, announcing that six of the nine plots earlier included were being removed for now.

Last week, the Authority had said that nine plots ranging from 7,800sqm to 94,000sqm will be allotted through an e-auction for group housing schemes.

After Thursday’s announcement, five plots in Sector 151 and one in Sector 146 have been removed from the scheme, officials said. Another plot in Sector 44, however, has been added to the scheme. “Due to unavoidable circumstances, the scheme will start from September 8 at 11 am and close on September 29 at 5pm,” a statement issued by the Noida Authority said.

Under the new scheme, major changes have been introduced in the allocation policy to cut down chances of homebuyers getting cheated, even as the Authority gets its full amount.

As per the new allotment policy, it will be mandatory for the consortium members to maintain 100% shareholding till they take occupancy.

After allotment of the plot, it will also be mandatory to deposit the entire amount payable towards the premium within 90 days.

Further, it will be must for the developer to open an escrow account and provide the details of their buyers’ names, allotted flat numbers, and the amount to be deposited in the escrow account quarterly to the Authority.

Any sub-division and amalgamation of plots will not be permissible after allotment. To buy an e-brochure, applicants will have to pay Rs 20,000, which is non-refundable.