Uniform land allocation policy approved for Gautam Budh Nagar district

NOIDA: Uttar Pradesh Chief Secretary and Chairman of Noida and Greater Noida Authority Boards Manoj Kumar Singh on Sunday approved a proposal aimed at bringing uniformity in the distribution policy of all types of land in Noida, Greater Noida and Yamuna. Expressway Industrial Development Authority – three industrial bodies. He directed the officials of the three authorities to allocate land according to a common policy.

The move follows complaints from entrepreneurs that there are different land allocation policies in three industrial units in Gautam Budh Nagar district, causing confusion among land allottees.

“The Greater Noida Authority Board in its 136th meeting approved the decision to introduce uniformity in land distribution in the three industrial cities. This was a long-awaited decision that was taken in favor of existing plot owners and new investors who want to buy land to set up businesses in these three cities,” said Ravi Kumar NG, Chief Executive Officer, Greater Noida Authority. .

A common policy relates to land selection criteria, rental calculations, cancellation of plots, restoration of canceled plots and other issues relating to plots in the three sectoral bodies.

The council also approved a motion to approve registration permits for the remaining 24,661 units out of 62,912 units in 73 housing projects. According to officials, the Greater Noida Authority has already given permission for the construction of 38,661 apartments in the last six months.

To issue permission for registration, the authority first issues Certificate of Occupancy (OC) for the entire housing project and also asks the realtor to clear his financial obligations because without the Certificate of No Dues, OC cannot be issued and this makes the registration process difficult. . permits, they added.

While authority is restored ₹Land charges of Rs 547 crore towards real estate projects which have received registry clearance. He will recover ₹The income will increase by ₹1,300 crore once the remaining apartments are registered and ownership is transferred from the realtor to the apartment buyer.

The authorities also approved a decision allowing the Water Supply Authority to build four new reservoirs to optimize water supply to households. The authorities will construct three reservoirs in the western part of Greater Noida and one in the eastern part for uninterrupted water supply to the Ganga. Currently, the authorities are supplying Ganga water to only 50 residential areas.

“The authorities will be able to provide Ganga water supply to 58 residential areas by the end of December 2024 as we work to upgrade the existing infrastructure,” said a Greater Noida Authority official aware of the development.

Meanwhile, the authorities also approved a proposal that paves the way for registration of 845 apartments in old age societies in 25 years. The authorities fixed the technical problems and issued OK to the pensioners’ society, thereby helping the buyers register the property and transfer the apartment to their name.

Following the lead of Noida and the Yamuna Expressway Authority, the Greater Noida Authority has approved a proposal in its council that allows sale of properties through a ‘registered agreement’ as in case of unregistered agreements, each sale incurs a huge loss of revenue, officials said.

Currently, when a buyer purchases property in a new construction project, he pays 10 percent of the total price of the property and signs an unregistered agreement that details the characteristics of the property, including delivery date, quality specifications, payment plan, etc.

In future, the realtor and property buyer will have to pay stamp duty on 10 per cent of the value of the property at the time of execution of the contract and the contract will have to be registered at the local Uttar Pradesh Stamping and Registration Office located nearby, officials said.

“The Uttar Pradesh Real Estate Regulation Act-2016 also makes it mandatory for buyer-developers to sell the property only through a registered deed after paying stamp duty to the state government. If this order of the state government is implemented, realtors will not be able to fraudulently sell one property to multiple buyers, duping innocent buyers,” said Saumya Srivastava, additional general manager, Greater Noida Authority.

Meanwhile, Noida Power Company Limited (NPCL) Managing Director PR Kumar on Sunday met the UP Chief Secretary and presented him with a check for the amount ₹8.84 crores (gross ₹9.82 crore) as part of its dividend initiative to shareholders. The Greater Noida Industrial Authority has received this fund for the year 2023-24 as it is one of the shareholders of the Greater Noida Electricity Distribution Company.