The development authorities of the district of Gautam Budh Nagar – Noida, Greater Noida and Yamuna Expressway- are planning to modify the land allotment policy. As per the revised policy, the builders will have to deposit 40% of the total cost in comparison to the previous rule of 10%, at the time of allotment.
The board meetings of Greater Noida Industrial Development Authority, Noida Authority and Yamuna Expressway Industrial Development Authority which are going to be held soon are likely to approve the proposal of the revised policy.
The land allotment policy was last revised in the year 2009, which as per the experts is the main reason behind the dispute between the homebuyers and builders. Before 2009, the allottees were supposed to deposit 30% of the total land cost. But after the revision of the policy, builders just had to pay 10% of the total cost of land.
As per the proposal, Noida Authority is expected to give a green signal for a 40% deposit while Greater Noida Authority and YEIDA will give their approval for 30%.
When the proposal gets approved, developers in Noida will pay 10% at registration and the remaining 30% at the time of allotment of the property. For YEIDA and Greater Noida, 10% will have to be paid at the time of registration and the remaining 20% at the time of allotment.
The boards of the three authorities are also expected to execute an industrial policy which will make the process of doing business in the sector easier.