Noida: Nine group housing plots up for grabs in sectors 146, 151

NOIDA: The Noida Authority has launched a group housing plot scheme in sectors 146 and 151, wherein nine plots ranging from 7,800 to 94,000 sqm will be allotted through e-auctions. The Authority has made several changes to the allotment policy to ensure that buyers don’t get cheated while it gets full payment on time.

Six plots ranging 18,000- 20,000 sqm are available in Sector 151 while three plots in Sector 146 range from 7,800-94,000 sqm. The e-brochure of the scheme will be available from September 5. The last date for application is September 26.

As per the new allocation policy, it will be mandatory for consortium members to maintain 100% shareholding till they take occupancy. Moreover, after allotment of a plot, it will be mandatory to deposit the entire amount payable towards the premium within 90 days.

It will also be mandatory for the developer to open an escrow account and provide details of their buyers’ names, allotted flat numbers, and amount to be deposited in the escrow account quarterly to the Authority. Any sub-division and amalgamation of plots is not permissible after allotment.

Earlier, plot allotment was done after developers deposited just 10% of the land cost, and the remaining in installments over several years. The builders indulged in dividing a plot into sub-plots and selling the same to another developer. The developers seldom opened escrow accounts.

The builders who were allotted plots under the old schemes owe about Rs 20,000 crore to the Authority in form of installments. Also, thousands of buyers have not gotten flats after builders stopped construction or declared insolvency.