Noida authority offers residents chance to pay for additional area in instalments

In a move that will benefit residents, the Noida authority has allowed them the option of paying for any additional area they get during the allotment of plotted residential areas in instalments

In a move that will benefit residents, the Noida authority has allowed them the option of paying for any additional area they get during the allotment of plotted residential areas in instalments.

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Earlier, plot owners were supposed to pay cost of additional area in 30 days’ time.

This facility was already available for the industrial plot owners. Now this change will benefit those, who want to buy a new plot or already has purchased a plot and likely to take possession at the site. The move will particularly benefit those who will be buying plots under an ongoing scheme that offers around 400 residential plots in different sectors. Apart from this, there are thousands of residential plots whose possession the authority is yet to offer.

“After allotment, when the authority gives possession to an allottee then there are cases that the plot size is beyond the allotted area,” said a Noida authority official, not authorised to speak to media.

For example, if a perosn was alloted 100 square metre residential plot owner, but got 110 square metre area instead during possession, then they needs to pay 30% of the plot cost immediately and the remaining 70% in instalments.If the additional area is 30% more (130 sqr mtrs) then allottee can pay 50% immediately and remaining 50% cost of this 30 square metres as per the prevailing circle rate in four years’ time.

“The board has taken this decision because the allottees had been demanding this for a long time. The authority had in 200th board approved a proposal in this regard to benefit the plot allottees,” said Ritu Maheshwari chief executive officer of the Noida authority.

The authority in its 2001th board meeting approved the proposal paving way for the implementation of this new rule, said officials.

“The move will benefit many residential plot allottees. Now with this new rule the residential plot allottees, who get bigger area against the allotted plot can pay for additional area in parts,” said Rajiv Gupta, a real estate consultant.