The Times of India   30.08.2012

Noida Extension plots to get 'zero period' respite by Authority

NOIDA: Over 3,000 individual plot owners in Sectors 2 and 3 of Noida Extension, whose investments had been hanging due to the land imbroglio for the past over one year, have got relief with the NCR Planning Board approving Greater Noida Master Plan 2021. The plots - in sizes of 120, 200 and 220 sqm - had been allotted through a lucky draw by Greater Noida Authority in 2008.

The Authority has said that 'zero period' would also be applicable on these individuals.Last year, when the land row was at its peak, there were proposals of hiking rates of these residential plots by around Rs 500 per sqm. However, the rates were not hiked and allottees had been paying instalments at the original rates.

"My instalments are up to date since we had been assured by the Authority that we would be given possession of these plots," said Saket Budhiraja, director in a Delhi-based private company.Speculation of soaring land rates has once again prompted property dealers to call up these allottees offering them high rates for their plots

. Earlier, the same allottees had alleged of being coaxed by property dealers to dispose off their properties at cheap rates given the uncertainty prevailing over Noida Extension.Allottees say they are now being offered more than twice the rate at which they had been allotted these plots. "Property dealers have been offering me between Rs 25,000-Rs 30,000 per sqm," says Sumit Bansal, employee in a Noida-based private firm. "Earlier, they used to coax me to sell below Rs 10,500 per sqm, which is my original rate of allotment," he added.The allottees, however, complained of having had received no communication so far from the Greater Noida Authority after the clearance of the plan.

The Greater Noida Authority has clarified that interest will not be charged on these allottees for the 'zero period'. "The concept of zero-interest period would be applicable to all plot owners if their land falls within the Greater Noida area covered under Master Plan 2021," said Rama Raman, CEO of Greater Noida Authority.