February 12, 2024: The Greater Noida Industrial Development Authority (GNIDA) has launched its latest group housing scheme, offering eight plots ranging from 3.5 acre to 10 acre, according to media reports. These plots are located in Sectors Mu, Omicron, Eta, Sigma in Greater Noida and Sectors 36 and 12 in Greater Noida West and will be offered through e-auction.
According to an ET Realty report, the developers are required to pay the entire land cost within 90 days. They will have to complete the project according to the approved layout plan and get an occupancy certificate from GNIDA in a maximum of five phases within seven years from the date of lease deed execution.
In Greater Noida, the plot offered in Sector Mu covers 4.5 acre, while the plot in Omicron 1A covers 7.5 acre and plot in Eta 2 covers 7 acre. Two plots of 7.5 acre and 9.5 acre, respectively, are available in Sigma 3. In Greater Noida West, the smallest plot spanning 3.5 acre is available in Sector 36, while two plots of 5.5 acre and 8 acre are available in Sector 12.
Applications for the scheme can be submitted by February 27, 2024. Applicants can submit documents till March 1, 2024. According to authority officials, the plots are free from all encumbrances and will be ready for possession within 30 days, according to the media report.
No amalgamation or subdivision is allowed on the allotted plots. The allottee will be responsible for the development and construction of all proposed activities as approved by the authority. Consortiums will be allowed but must remain unchanged until the completion of the project.
The lead members, along with other members, will be equally responsible for project completion. They will be required to form a special purpose company (SPC) that will subsequently perform all its responsibilities as the allottee. The shareholding and lead member of the SPC will be the same as the memorandum of association (MOA) signed between all consortium members. The lease deed will be made in favour of the SPC.
Plot rates
The land rates range from Rs 36,500 per square metre (sqm) to Rs 48,300 per sqm, with total reserved price for these plots exceeding Rs 970 crore. The plot allotment will be on a leasehold basis for 90 years from the date of the lease deed execution.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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