Housing Scheme : Poor response forces Noida group housing scheme 

Lukewarm response received by the Noida Authority to its group housing scheme has forced a one-week extension of the acceptance of applications until January 23.

According to officials, this is the second time the deadline of the scheme has been extended because of poor response.

Under the scheme, two plots measuring 13,800 square metres and 19,289.81 square metres, located in sectors 44 and 45, have been put up for allotment for residential purposes.
Poor response forces Noida group housing scheme
The group housing scheme was launched on December 12. The last date for submission of applications was January 3 but it was given a rollover of seven days, and that period ended on January 13, which has now been extended by a week again.

“Now the last date for registration and submitting fee is January 23, while the last date to submit the final bid (only for those who have registered for the scheme) is January 25,” the Authority noted.

Officials said the deadline was extended again because less than three applications were received against both the plots that have been put up in the scheme.

As per the rules, at least three applications should be received against each plot for the process to move to the next stage of e-bidding, officials said.

A Noida Authority official, who requested anonymity, said if the bidders remain less than three against even after the second extension of the deadline, the Authority will organise a round of e-bidding.

“Our aim is to develop group housing projects here as these land parcels are located in premium area sectors in central Noida. We want to allot these plots to suitable builders but the response has been low so far. We are hopeful that more bidders will apply as the date has been extended,” the Noida Authority official said.

Only those real estate developers who will be able to pay the land cost within 90 days after the allotment will be able to buy these land parcels and develop group housing project. The earlier scheme of payment in parts over seven years will no longer apply, officials said.

Officials said that interested real estate developers can register and obtain the user ID and password on a website, and thereafter make an online deposit of a non-refundable and non-adjustable processing fee of Rs 20,000 (excluding Goods and Services Tax) separately against each plot for participation in the e-auction at or before 5 pm on January 23.

Source: https://www.moneycontrol.com/news/business/real-estate/poor-response-forces-noida-group-housing-scheme-seek-a-second-extension-9886601.html

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