ONE-TIME SCHEME TO AID PROPERTY DEFAULTERS IN GREATER NOIDA

GREATER NOIDA: In a major relief to property owners, the Greater Noida authority has decided to waive off penal interest imposed on allottees for delay in payment of financial dues in a one-time settlement scheme that will continue till September 30 this year.

The authority imposes penal interest against allottees, who fail to pay financial dues for a flat or plotted house on time. If the property allottee defaults on payment of property cost, delays in the execution of leasedeed of the property in question or there is a failure on payment of hiked property cost, then the authority imposes penal interest instead of charging the simple 7.5% interest on the defaulted amount, said sources.

“Under the one-time settlement scheme that will continue till September 30, the allottees can get waivers and avoid paying penal interest. If they pay 70% of the total defaulted amount by June 30, then the remaining 30% of the amount will be waived off. Also, if the allottees settle the cases by September 30 this year, then they need to pay only 80% of the total default amount and get an instant 20% waiver,” said Narendra Bhooshan, the chief executive officer (CEO) of the Greater Noida authority.

The allottees can apply for the one-time settlement scheme on the website of the Greater Noida authority. “If the house size is 150 square metres, then an allottee will have to pay ₹2,000 as processing fee and if the size is more than 150 square metres, then one will have to pay ₹5,000 as processing fee for the scheme”, said an authority official, requesting anonymity.