Noida Authority has launched a plan for group housing plots.

The Noida Authority has announced the start of a new group home plot project. Under this concept, nine plots in Sectors 146 and 151 will be auctioned off. The Authority has made various changes to the land allotment procedure to make it more efficient. The information is detailed below.

The Noida Authority has put nine plots on the market as part of a new group housing development. Sector 151 will be allocated six plots ranging in size from 18,000 to 20,000 square metres. The last three are in Sector 146 and range in size from 7,800 to 94,000 square metres.

Modifications to the prior policy

The Administration has developed different improvements to its allocation procedure in response to the previous lesson. Previously, developers were only able to pay 10% of the total land cast at the time of allocation, with the remainder paid in instalments. This has resulted in significant losses for the Authority, which is owed Rs 20,000 Cr by different developers around Noida, according to the latest estimates.

The builder would now be required to deposit the total money within 90 days under the new requirements. Furthermore, until the occupancy procedure is finished, all members of the purchase group must keep a 100 percent stake. This is supposed to be done to deter fly-by-night operators from tampering with the procedure.

Account escrow

Previously unpopular with Noida construction developments, the Authority has now demanded that separate escrow accounts be formed for the development. Every quarter, the Authority would want records of the escrow account, as well as the identities of the apartment buyers, their assigned home numbers, and so on.

Plot sub-division

The Noida Authority has clarified its previous guideline by stating unequivocally that plot sub-division or merger is not permitted. The Noida Authority has initiated corrective action with the new guidelines to protect the rights of homebuyers. Thousands of purchasers in Noida are now anticipating the delivery of their flats. These new guidelines will also increase the Authority’s income because they will be paid on time.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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