Noida, 2 others offer easy payment plans to land defaulters to recover dues
NOIDA: The Noida Authority has joined the two other Gautam Budh Nagar authorities to start a scheme that offers easier rescheduled payment plans to defaulting land allottees, in order to recover dues that amount to nearly Rs 15,000 crore. The total land dues for the three authorities is Rs 24,000 crore.
Noida officials said the new scheme will only run till April 30, under which allottees will have one chance to submit an application and accept the rescheduled payment plan. Financial consultant EY has cleared the Authority’s payment scheme, and it will be open to allottees across all categories of land use group housing, institutional, industrial, commercial and individual allottees.
The Noida Board had approved the rescheduled payment plan in the last week of March, after allottees cited economic slowdown as reason for them being unable to pay up. A senior Authority official said defaulting allottees will have to pay a fixed percentage of the total dues within 30 days of their applications being approved by the planning and property department of Noida.
“Initially, an allottee who has an outstanding amount exceeding Rs 500 crore, will have to pay up 10% of the amount, while allottees owing the Authority less than Rs 500 crore will have to pay 15% of the due amount,” the official said, adding all allottees will have to pay interest on the balance amount, which will be collected in instalments.
Officials of all three authorities said strict action will be taken against allottees who refuse to pay up. “Not only will we issue lease deed cancellation notices, we can even seal or impound their properties,” said an official.
The amnesty scheme was first offered by Greater Noida Authority, under which allottees were initially asked to pay 25% of the total dues. It ended on March 31. The Yamuna Expressway Authority (YEIDA), on the other hand, is examining defaulters case by case.