GNIDA had imposed a fine for not getting the registration done. Some flat owners had to pay a penalty of up to Rs 2.5 lakh. Now there will be no need to pay penalty for registering within six months.
New Delhi. The Greater Noida Industrial Development Authority (GNIDA) has temporarily waived the penalty of those home buyers who could not get their flats registered due to non-payment of dues by the developers even after the partial occupancy certificate was issued. This move of the authority is expected to benefit about 40,000 flat buyers who bought houses in 60 projects. Home buyers will now be able to get registration done without penalty within six months from July 2024. Due to the closure of registration for the last one year, home buyers have already been fined heavily. A penalty of Rs 50 per day was being levied on a 100 square meter flat and a penalty of Rs 100 per day was imposed on houses larger than this. Now it has been waived.
In 2018 too, GNIDA had allowed buyers to register without any penalty. This decision of the authority had benefited many flat buyers even then. But at that time, those whose developers had not paid the dues to the authority were not allowed to register their flats. Earlier this year, an association of home buyers had requested GNIDA to waive the penalty imposed for not registering the flats. The authority decided to waive the penalty for six months in its board meeting on June 15.
60 builders opted for zero-period discount
According to a Times of India report, in Greater Noida, builders of more than 60 projects have opted for zero-period waiver on interest and penalty levied during the two years of the Corona epidemic. These builders have paid 25 per cent of the recalculated dues in advance. Authority OSD Saumya Srivastava says that buyers of these projects now had the option to re-register their flats. But very few people came forward as each of them had paid a penalty of Rs 2 lakh to Rs 2.5 lakh since 2018.
Officials said the 2018 relaxation was also aimed at curbing the sale of unregistered flats. “In many cases, people deliberately did not register their flats and sold them at higher rates when the market boomed, earning good profits. Since they did not intend to live in them, they did not register their flats. But in December last year, when the state government introduced its rehabilitation policy for stalled projects, the confusion started to subside to some extent,” said an official.
Tags: Business news, Greater Noida Development Authority, Greater noida news, Property
FIRST PUBLISHED : August 3, 2024, 08:41 IST