Noida introduces new group housing scheme

13 Dec 2022 CW Team

However, in order to purchase the land plots, realtors must be able to pay the land cost within 90 days of allotment. According to officials, the previous payment plan of seven years' worth of installments is no longer valid.

The deadline for applications is January 1, 2023, and the program will go into force on December 12th.

According to officials, the applicant can purchase the plot through online bidding. Before submitting an application for the program, which provides plots of 14,000 square meters in sector 44 and 20,000 square meters in sector 45, a candidate must first register themselves and then acquire a password.

“We have only these two plots on offer in this scheme and other plots will be auctioned in schemes to be launched in future,” said Ritu Maheshwari, chief executive officer of the Noida authority.

In order to raise money, the authority has been introducing initiatives to sell its plots. According to officials, Yogi Adityanath, the chief minister of Uttar Pradesh, has instructed the authority to bring in as much investment as it can through a variety of programmes in order to boost the local economy and create jobs.

Realtors claim that this plan will only appeal to people who can afford to cover the entire sum in 90 days.

“The Noida real estate market is undergoing a tough time with delayed projects and liquidity crisis. Let’s see if anyone will be able to buy plots under the new rule in which they need to make payment upfront,” said Subodh Goyal, legal committee head of confederation of real estate developers’ association of India (Credai).

CMD of Griha Pravesh Group, Abhay Kumar, said, “The new scheme discourages entrepreneurship because developers with less funds cannot make payment upfront for land cost and also invest in construction at the same time. Only developers with deep pockets can buy land parcels in this scheme.”

A group housing program for realtors looking to construct housing facilities in the city was introduced by the Noida authorities. Sectors 44 and 45, where land costs between 2 lakh and more per square meter, are where the group housing plots are situated. However, in order to purchase the land plots, realtors must be able to pay the land cost within 90 days of allotment. According to officials, the previous payment plan of seven years' worth of installments is no longer valid. The deadline for applications is January 1, 2023, and the program will go into force on December 12th. According to officials, the applicant can purchase the plot through online bidding. Before submitting an application for the program, which provides plots of 14,000 square meters in sector 44 and 20,000 square meters in sector 45, a candidate must first register themselves and then acquire a password. “We have only these two plots on offer in this scheme and other plots will be auctioned in schemes to be launched in future,” said Ritu Maheshwari, chief executive officer of the Noida authority. In order to raise money, the authority has been introducing initiatives to sell its plots. According to officials, Yogi Adityanath, the chief minister of Uttar Pradesh, has instructed the authority to bring in as much investment as it can through a variety of programmes in order to boost the local economy and create jobs. Realtors claim that this plan will only appeal to people who can afford to cover the entire sum in 90 days. “The Noida real estate market is undergoing a tough time with delayed projects and liquidity crisis. Let’s see if anyone will be able to buy plots under the new rule in which they need to make payment upfront,” said Subodh Goyal, legal committee head of confederation of real estate developers’ association of India (Credai). CMD of Griha Pravesh Group, Abhay Kumar, said, “The new scheme discourages entrepreneurship because developers with less funds cannot make payment upfront for land cost and also invest in construction at the same time. Only developers with deep pockets can buy land parcels in this scheme.” See also: Greater Noida authority launches group housing scheme TN seeks to rope in Singapore firms for housing projects