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Greater Noida Authority Announces Housing Scheme To Allot 800 Flats

Greater Noida Authority Announces Housing Scheme To Allot 800 Flats

Greater Noida Authority Announces Housing Scheme To Allot 800 Flats
(Wikimedia)

This might come as cheerful news for homebuyers planning to shift to greener areas of Noida as the Greater Noida Industrial Development Authority has announced a housing scheme to allot 800 flats in various sectors across the region. Most of these flats are in 1BHK, 2BHK and 3BHK category, located in Sector 12, Eta II and Omicron I. These units are either G+3 storey building or high rise tower.  These units are expected to cost between Rs 28 lakh to Rs 74.5 lakh with sizes varying from 54-132 square meter. The scheme shall remain open till all vacant multi-storey flats/four-story flats are allotted.

These units will be given on 90-year lease. The final allotment will be done through lottery draw. Applicants will have to apply online for the scheme.

Important dates

January 16 Scheme launched and form submission started
10th of every monthApplication form opening date
30th of every monthApplication form closing date
5th of every monthTentative date of draw of applications received 

Earlier, the authority had planned to auction 1,200 units in 2018 but pulled back due to lack of interest from the public. The GNIDA had last launched the scheme in 2013 but was unable to find buyers because the localities were still developing and the infrastructure wasn’t ready.

At a time when the real estate market in the national capital region (NCR) is just looking up, the availability of units at a popular price range is welcome news. The authority is hopeful that they would meet a good response from prospective homebuyers.

The locations

Sector 12 and Omicron are areas that boast greenery and are in the immediate vicinity of premier educational institutions. Moreover, there is commendable connectivity with other strategic locations in Delhi and the NCR. Moreover, the Aqua Line of the Noida Metro is another highlight of this location.

How to apply?

Homebuyers can visit the GNIDA (www.greaternoidaauthority.in) website for details about the allotment and availability. Using this link, interested buyers could submit their forms till November 12.

Scheme BrochureDownload here
Advertisement Download here
Sector 12 BrochureDownload 54 sq meter, 132 sq meter here
Sector ETA II BrochureDownload here
Sector Omicron 1 BrochureDownload here

Payment plan

The registration charge is calculated at 10 per cent of the unit cost, Rs 2.85 lakh for a furnished 1BHK, Rs 3.26 lakh for a 2BHK unit, Rs 4.84 lakh for 2BHK (Deluxe) unit and Rs 7.45 lakh for a 3BHK unit. The full premium after adjusting the 10 per cent registration cost has to be paid within 90 days from the date of the allotment letter. You could also avail of a rebate of five per cent on the 90 per cent balance payment.

You could also pay in installment. For this, 30 per cent of total premium has to be paid within 45 days of allotment. The remaining 70 per cent to be paid in four equal half-yearly installments with interest calculated at 11 per cent per annum on reducing principal amount.

Given that the property is allotted on a leasehold basis, if a buyer surrenders his/her unit before time, a portion of the registration amount will have to be forgone. 

Note

Some units are reserved for various categories. Of the 880 units, 17 per cent are reserved for those farmers whose land has been acquired by the authority. 

Those who have been allotted units under the housing scheme previously, their spouses and children cannot apply.

With additional inputs from Sneha Sharon Mammen

Last Updated: Tue Jan 07 2020

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