In view of the signs of spurt in demand in the real-estate sector, the Greater Noida Authority has once again started selling plots for the group housing scheme. The authority had sold plots for group housing projects in Greater Noida in 2013-14, but now in view of the increasing demand in real estate, once again it is preparing to sell 4 big plots.
Largest plot of 9.72 acres, worth Rs 127 crore
The smallest plot is of 5.83 acres. Its price has been kept at Rs 76.2 crore. The 9.72 acre plot present in Sigma 3 is priced at Rs 127 crore. The Group Housing Section of the Greater Noida Industrial Authority had on Tuesday scrutinized the applications for these plots. Seven applicants have applied for these schemes. Officials say that due to lack of demand and weak sentiment in the real estate sector in the last few days, they did not expect much interest from applicants for these schemes. But applicants have shown interest in the group scheme.
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The authority has tightened the conditions
Taking lessons from the mistakes made in group housing schemes, the Greater Noida Authority has decided to take 50 per cent of the cost of the plot immediately. Earlier plots were allotted by taking 10 per cent money. The party will have to pay 50% of the cost of the plot within 60 days of allotment. The rest of the money will have to be paid in eight installments within four years. The authority has said that strict conditions have been laid in the matter of timely completion of plan outlays of all phases. Narendra Bhushan, CEO, Greater Noida, said it was not an easy task for builders to bring in the new group housing scheme as there has been a rapid industrial allotment in the last few years. Therefore, it was difficult to get land for housing schemes. Earlier in 2013-14, the authority had come out with the group housing scheme for builders.
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