Demand for group housing projects in Greater Noida spikes

12 Nov 2021 CW Team

The industrial authority has floated a scheme consisting of four builder plots last month.

The smallest plot is 5.83 acres, priced at Rs 76.2 crore, while the largest one is spread across 9.72 acres at Rs 127 crore. The housing group department of the Greater Noida Authority evaluated the initial response to the scheme and found seven applicants interested in participating in an online auction this month.

Due to lingering issues between the homebuyers and the developers, the officials were not expecting much response from the industry players. Now, the Greater Noida Industrial Development Authority (GNIDA) has revised the terms and conditions and focused on the timely completion of the projects.

Previously, the plots were given to the developers only by taking a 10% land premium upfront. However, GNIDA will now take a 50% land premium within 60 days of the allotment and the remaining amount in the next four years in eight instalments.

The authority will also impose the conditions to ensure that phases are planned in the layout and finished within five months of allotment.

CEO of GNIDA, Narendra Bhooshan, said that launching a group housing scheme for builders was not easy. Industrial allotment and developments have taken place over the last few years with increasing demand for housing. Many projects have already been stalled, so the authority has introduced new conditions to ensure that serious players enter the business.

The authority introduced the last group housing scheme in 2012-14. The outcome of the new group housing scheme will be opened by 15-16 November. All the documents will be scrutinised, and they have to deposit the required amount to participate in the auction.

Managing Director and Secretary of Confederation of Real Estate Developers' Associations of India (CREDAI) Western Uttar Pradesh, Subodh Goel, said that it is good that the authorities have taken measures to ensure timely completion of the projects.

. Increasing the land premium upfront from 10% to 50% will discourage legitimate players as the developers will not have too much liquidity.

Image Source

Also read: Noida Authority to examine green belts within housing societies

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The real estate sector of the National Capital Region (NCR) is rebounding from the pandemic slump, with over half-a-dozen applicants showing interest in purchasing plots for group housing projects in Greater Noida. The industrial authority has floated a scheme consisting of four builder plots last month. The smallest plot is 5.83 acres, priced at Rs 76.2 crore, while the largest one is spread across 9.72 acres at Rs 127 crore. The housing group department of the Greater Noida Authority evaluated the initial response to the scheme and found seven applicants interested in participating in an online auction this month. Due to lingering issues between the homebuyers and the developers, the officials were not expecting much response from the industry players. Now, the Greater Noida Industrial Development Authority (GNIDA) has revised the terms and conditions and focused on the timely completion of the projects. Previously, the plots were given to the developers only by taking a 10% land premium upfront. However, GNIDA will now take a 50% land premium within 60 days of the allotment and the remaining amount in the next four years in eight instalments. The authority will also impose the conditions to ensure that phases are planned in the layout and finished within five months of allotment. CEO of GNIDA, Narendra Bhooshan, said that launching a group housing scheme for builders was not easy. Industrial allotment and developments have taken place over the last few years with increasing demand for housing. Many projects have already been stalled, so the authority has introduced new conditions to ensure that serious players enter the business. The authority introduced the last group housing scheme in 2012-14. The outcome of the new group housing scheme will be opened by 15-16 November. All the documents will be scrutinised, and they have to deposit the required amount to participate in the auction. Managing Director and Secretary of Confederation of Real Estate Developers' Associations of India (CREDAI) Western Uttar Pradesh, Subodh Goel, said that it is good that the authorities have taken measures to ensure timely completion of the projects.. Increasing the land premium upfront from 10% to 50% will discourage legitimate players as the developers will not have too much liquidity. Image Source Also read: Noida Authority to examine green belts within housing societies

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