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Home / Cities / Greater Noida offers 3% interest rebate to help property owners clear defaulted instalments

Greater Noida offers 3% interest rebate to help property owners clear defaulted instalments

cities Updated: Feb 12, 2020 23:59 IST

The Greater Noida authority, on Wednesday, said plot or flat owners can claim benefits, by way of reduced interest, if they clear their dues against the properties bought under the one-time settlement (OTS) scheme. The authority in its 117th board meeting, held on January 10, approved a proposal that gives opportunity to over 3,500 property owners to settle their default instalment amount and claim benefits.

The OTS scheme will be applicable till March end, 2020, for all those plot or flat allottees, who bought these properties before 2017.

The authority imposes 15% interest on repeat defaulted amount. Under the OTS scheme, an allottee can settle dues after payment of principal amount and 12% simple interest on it, officials said.

“The OTS scheme is an opportunity for those plot/flat allottees who could not clear the cost of a flat or plot and defaulted on payment of the instalments. They can submit their application and settle the dues till March end, 2020,” Greater Noida authority chief executive officer Narendra Bhooshan said.

To settle the dues, the allottee will have to pay 40% of total amount due, including principal amount and simple interest, for the application to be processed. Later, they can pay remaining 60% dues in 30 days time to claim the 3% interest benefit.

“The allottees paid 30% of the total plot or flat cost at the time of allotment. They were supposed to pay remaining 70% in instalments. But some allottees failed to clear dues. Now, they can settle their dues and own the property,” said a Greater Noida authority official not authorised to speak to the media.

The authority has started this scheme not only to recover ₹150-crore in revenue, but also to help plot or flat allottees, who could not execute lease-deeds of their property because of their inability to pay, said officials.

The authority had allotted flats and plots, under various schemes, to allottees in 2010 and 2011.