The Greater Noida Industrial Development Authority (GNIDA) has brought a smile on the faces of thousands of people who wish to invest in properties build by the GNIDA.

It will be cheaper than ever to invest in the Greater Noida area for people dreaming of buying a property built by the authority.

The Greater Noida Authority in its 122nd board meeting held on Saturday has decided to reduce the transfer fee for residential plots, built-up houses, shops or kiosks etc from 5 per cent to 2.5 per cent. The transfer fee for allottees of flat buyers has been reduced to a maximum of 1%.

Buyers were required to pay a 10 per cent transfer charge for the purchase and sale of a property in the institutional, industrial, builders and commercial categories.

The rate of interest has also been slashed to 8.5 percent instead of 11 percent in order to make the rates of buildings, flats, shops, kiosks, office space etc. constructed by the Greater Noida Authority practical and to provide the assets at competitive rates according to the market demand.

Along with this, administrative expenditure has also been reduced from 12 percent to 6 percent, so that the reserve price and allocation rates of the assets to be allotted by the authority will be reduced, which will directly benefit the buyers and allottees of the assets to be allotted by the Greater Noida Authority.

Meanwhile, The Greater Noida Authority has approved the OTS scheme for residential allottees. This scheme will save defaulters from paying a hefty amount as a fine. The allottees who have availed of the benefits in the past will not get this benefit. The last date to apply for this scheme is 30 September.

2000/- for allottees of plots and buildings having a size less than 150 sqm and Rs. 5000/- processing fee for allottees of plots and buildings having a size more than 150 sq.m. will have to be deposited, which will not be adjusted against any liability.

There will be no penalty for this. Simple interest will also be charged on additional compensation of 64.7 percent from the allottees. A total of 11,500 allottees will get benefit from the OTS scheme.

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