GNIDA Encourages Down Payment By Introducing A New Scheme For Allottees

The Greater Noida Industrial Development Authority (GNIDA) has chosen a different path and brought a new land scheme for the allottees in Greater Noida. Under the land new land scheme, the allottees who will make the maximum down payment will be offered sops by the authority for that respective property.

Currently, when a property is bought from GNIDA, the allottee is supposed to pay 5% of the amount at the time of registry while 5% is supposed to be paid later when the allotment letter is issued. The remaining amount is paid in regular installments at the rate of 12%.
But the new scheme is designed to encourage the down payment and those paying the maximum amount of down payment will be offered sops.

As the GNIDA is facing the problem of lack of funds since a long time because of the outstanding dues by the defaulting builders, this step will GNIDA in getting a constant flow of income.

As per the scheme, different slabs of 30%, 40%, 60% and 90% will be made and people will have the option to select the slab suitable to them. Those who will choose the 90% slab making the highest payments will be provided with incentives. The scheme will benefit the homebuyers along with ensuring flow of income to the authority.

A low rate of interest might be one of the incentives of the scheme.

The proposal will be discussed in the next board meeting where the final decision will be taken. Once the proposal gets finalized, GNIDA will become the first among the three authorities to have such a scheme.