Noida launches new group housing scheme

However, only realtors who will be able to pay the land cost within 90 days after allotment will be able to buy the land parcels

The Noida authority on Friday launched a group housing scheme for realtors who want to build housing facilities in the city. The group housing plots are located in sectors 44 and 45, where land rates are in the range of ₹2 lakh per square metre or higher.

The new scheme will come into effect on December 12 and the last date to apply is January 1, 2023. (Sunil Ghosh/HT Photo)

However, only realtors who will be able to pay the land cost within 90 days after allotment will be able to buy the land parcels. The earlier scheme of payment in parts over 7 years no longer applies, officials said.

The scheme will come into effect on December 12 and the last date to apply is January 1, 2023. The brochure for the scheme can be purchased online for ₹20,000, said officials. The applicant can buy the plot through online bidding, officials added. An applicant will have to first register themself and then obtain a password before applying for the scheme, which offers plots of 14,000 square metres in sector 44 and 20,000 square metres in sector 45.

“We have only these two plots on offer in this scheme and other plots will be auctioned in schemes to be launched in future,” said Ritu Maheshwari, chief executive officer of the Noida authority.

However, realtors said this scheme will attract those realtors who can afford to pay the total cost in 90 days.

“The Noida real estate market is undergoing a tough time with delayed projects and liquidity crisis. Let’s see if anyone will be able to buy plots under the new rule in which they need to make payment upfront,” said Subodh Goyal, legal committee head of confederation of real estate developers’ association of India (Credai).

CMD of Griha Pravesh Group, Abhay Kumar, said, “The new scheme discourages entrepreneurship because developers with less funds cannot make payment upfront for land cost and also invest in construction at the same time. Only developers with deep pockets can buy land parcels in this scheme.”