How To Apply For Greater Noida Housing Scheme 2018

This may sound like a golden opportunity for those who are planning to buy a home this festive season. The Greater Noida Industrial Development Authority’s “all new housing scheme”, which was launched on October 2, could not have come at a better time.

What is on offer?

Up for the grabs are a total of 1,246 ready-to-move-in units in multi-storey housing projects, with a carpet area measuring from over 36 square metre (387 square foot) to 133 square metre (1,432 square foot). These units are of 1, 2 and 3BHK configurations and spread across two localities, Sector 12 and Omicron 1. Both these localities lie chose to Pari Chowk. While all the 2BHK units are in Omicron 1 — there are a total of 987 units, of which 624 are deluxe units —1 and 3 BHK homes are concentrated in Sector 12. There are 183 1BHK flats and 76 3BHK homes. Do note here that all figures mentioned here indicate the carpet area of the unit only.

Who can apply?

About half the units are reserved for different categories. Over 17 per cent flats are reserved for farmers whose land has been acquired by the authority.

Only those buyers could apply who have not been allotted a unit under such housing schemes by the authority. This includes their spouses and children.

*Those applying for 120-sqm flats should have a pay grade of up to Rs 1,800.

*Those applying for 200-sqm flats should have a pay grade of Rs 1,900-Rs 4,200.

*Those applying for 350-sqm flats should have a pay grade of Rs 4,600-Rs 6,600.

*Those with a pay grade of Rs 7,600 could apply for any type of flats.

What is the price bracket?

While 1BHK units have been priced by the authority at Rs 28.50 lakh, 3BHK flats would cost the buyer Rs 74.50 lakh. While deluxe units of 2BHK configuration, sizing 730 square foot, have been priced at Rs 48.35 lakh, standard 2BHK units, sizing 506 square foot, would cost you Rs 32.55 lakh.

What are the key dates?

While the scheme was launched on October 2, interested buyers can submit their form online by logging on to the official website of the GNIDA, www(dot)greaternoidaauthority(dot)in from October 10. Buyers will have a month to apply as the scheme closes on November 12.  After reviewing the applications, the authority would hold a draw of lots on December 12.

How to apply?

To apply, click here. Using this link, interested buyers could submit their forms till November 12.

For full information, check out the PDF.

How to pay?

There are two ways in which an applicant can pay for a unit in this scheme.

Under the priority allotment through cash scheme, a buyer will have to pay 10 per cent of the total amount for registration. Lucky winners will have to pay 90 per cent of the remaining amount within 90 days of the allotment. Such a buyer will get a rebate of five per cent when he pays the 90 per cent of the amount within 90 days.

Buyers also have an option to pay the money in installments. Buyers opting for this option will have to pay 30 per cent of the total amount, which includes the registration charge, within 45 days after getting the letter of the allotment. The reaming 70 per cent amount could be paid in four equal half yearly installments. However, the buyer will have to pay 11 per cent interest on reducing principle amount.

Why should you invest?

Apart from the fact that buyers have an opportunity to find RERA-registered homes at comparatively affordable rates, they will also be living at locations that lie at the centre of new developments. The Metro’s Aqua Line that will connect Greater Noida will with Delhi is set to become operational in October. Also coming close to these localities is the national capital regions Jewar Airport, which will significantly boost the prospects of properties in these areas.

Noteworthy

These are leasehold properties, being allocated to buyers for a period of 90 years. Depending on the exact time when a buyer decides to surrender a unit, they would have to let go a portion of their registration amount.

Buyers are likely to get the possession of flats within a period of nine months from the date of issue of allotment letter. If due to any “force majeure” the GNIDA is unable to make allotment or the possession of the allotted flat, entire registration money or the deposit, depending on the stage of allotment, will be refunded along with simple interest at the rate of four per cent per annum.

Rates are tentative and buyers will have to bear all additional charges that might arise at a later stage, including the goods and services tax and documentation charges.

The right and liabilities of the allottees and of the authority shall be governed by the Real Estate (Regulation & Development) Act, 2016.