Realty firms in Greater Noida will not be able to sub divide and sell plots any longer
New Delhi: Real estate firms will not be able to sub divide and sell off plots any longer allotted to them in Greater Noida. This decision was taken in the 124th meeting of the GNIDA (Greater Noida Industrial Development Authority) Board.
GNIDA has taken the decision while keeping in mind the interests of flat buyers. “Now, the sub-division of big plots has been banned. That is, now the builder will not be able to sell (sub-division) plots allotted to them by the GNIDA on their own. They will have to complete the project. This decision will have two advantages. The builders will take only the land on which they want to build the project. Secondly, buyers" flats will be available on time," GNIDA said in a statement. There will not be time wastage any longer due to sub division of land plots. The responsibility of handing over flats to homebuyers on time will now completely be on the allottee real estate company.
GNIDA also approved a proposal for conversion of 14 villages into ‘smart villages’. "Under the smart village initiative, drains, sewer lines, drinking water facilities, streets and electricity lines would be developed in villages. This will happen in the first phase of the project. In the second phase, libraries, WiFi, training centres for youth, smart classrooms in schools will be developed in these villages," GNIDA said in a statement.
"Industrial units, which came into being in Greater Noida even before the GNIDA was formed, will now be able to purchase FAR (floor area ratio) on remaining plots. A fixed fee will have to be paid for this purchase. The GNIDA Board has given an in-principle approval for this decision. These companies will also have to pay development fees," it said in a statement.