Greater Noida authority to re-launch amnesty scheme on premium land dues
Real Estate  

The Greater Noida Industrial Development Authority (GNIDA) has decided to re-launch the One Time Settlement Scheme (OTS) to settle land dues. Under the amnesty scheme, the authority will also provide rebate on the yearly interest levied on extra premium on land parcels.


The GNIDA would offer a concession on the premium, lease and on the interest of extra 64.7 percent compensation to the allottees of residential land in Greater Noida. Officials have shared that the amnesty scheme would help the defaulters to clear off land dues.
Earlier in March 2019, the One Time Settlement Scheme was announced by the authority to recover the dues from the defaulters. The scheme did not receive a good response. KK Yadav, Assistant General Manager (Property), GNIDA, has shared that the new rebate scheme will reduce the interest levied on the additional income of 64.7 percent on a land parcel.


Reportedly, the authority had already floated settlement scheme for the individual residential plots allocated in 2013, where no structure was construction. To apprise, One Time Settlement Scheme is introduced to help the land allottees who are unable to pay the dues on time. The defaulter can apply for this scheme afresh after paying the processing fee.



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