Norms eased for builders

Greater Noida Industrial Development Authority (GNIDA) on Tuesday relaxed lease rent norms for group housing plots, a move that will enable at least 4,000 buyers to register their homes immediately. Officials said the Authority has, in fact, approved a proposal for collecting lease rent in three instalments from builders who are unable to pay it in one go. According to officials, interested builders whose applications for this relaxation has been approved will have to deposit the first instalment immediately. “The second instalment will have to be deposited by January 15, 2018, and the third instalment by March 15, 2018,” said BK Tripathi, additional CEO (ACEO), GNIDA. “This will be applicable to builders who have been granted completion in the first phase of their projects in the past six months to a year, but registry has been held up because they have been unable to pay the one-time lease rent,” he said. “All this is aimed at expediting the registry and handing over of possession of these residential flats. At least, five group housing projects, with some 4,000 units, will benefit from the relaxation,” Tripathi added. GNIDA has also approved completion certificates for three other group housing projects. With this, 2,695 homebuyers will be able to get possession of their homes in Nirala (988 flats), SJP Infracon (920 flats) and AVP Realty (787 flats). Another 800 flats are expected to be given completion certificates by March 2018, officials said. Meanwhile, having received complaints from auditing company Currie & Brown, which is conducting a physical and financial audit of 16 builders with group housing projects in Greater Noida, GNIDA is getting ready to issue notices to at least 14 builders for not providing details to the company. So far, only two builders have provided all details and documents asked by the auditing company. “Strict action is on the cards for builders who fail to provide information,” said a GNIDA official. GNIDA has to submit the report of the audit to the UP government by the end of this year.