Greater Noida: There is a lot of good news for Greater Noida apartment purchasers. A one-time settlement system (OTS) for multi-story apartment allottees was accepted at the Greater Noida Authority’s 140th board meeting. Around 2000 apartment purchasers will benefit from this program by having their interest on unpaid premiums and late fees related to lease agreements waived. By December 31, 2025, this plan will be in place.
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It should be noted that the authority’s property department had proposed the OTS scheme before the board. The department mentioned that with the implementation of this scheme, it is expected that lease deeds for nearly 2,000 allottees of multi-storey flats ranging from EWS to 121 square meters will be executed. The board has given its approval to this proposal.
Under this scheme, a discount on interest for outstanding premium and late fees for lease deeds will be provided, offering significant relief to flat buyers. The authority will soon issue an office order.
The CEO of Greater Noida Authority, NG Ravi Kumar stated that an office order regarding this decision will be issued soon, clarifying the date of implementation of the OTS scheme. The meeting was attended by CEO NG Ravi Kumar, ACEO Saumya Srivastava, and other senior officials. The CEO NG Ravi Kumar appealed to allottees to deposit their dues on time. He emphasized that the main objective of this scheme is to provide relief to the allottees and urged flat buyers to deposit their dues within the stipulated timeframe to benefit from the OTS scheme. They also clarified that the authority will not be obligated to grant any further exemptions of this kind in the future.