Housing Authorities In Noida, Ghaziabad Offer Leeway To Residents on EMIs

Amid covid 19 led lockdown, housing authorities in both Gautam Budh Nagar as well as Ghaziabad have provided relief to their residents for three months time. On the one hand Greater Noida Authority has taken a decision to extend all of its settlement schemes and on the other Ghaziabad Development Authority (GDA) will not charge interest on home buyers who fail to pay EMIs till June 30.

In this regard, Deep Chandra, additional CEO of Greater Noida said in a lockdown situation people are unable to move out to complete paper formalities and "hence it was necessary to extend the settlement schemes". The deadline has been extended to June 30 from the earlier March 31.

As part of the schemes put on offer by the Greater Noida Authority, people allotted flats or plots will get additional time for settling dues relating to extra 64.7% compensation for farmers, penalty on unpaid premiums or penalty on delay in execution of lease deed. Also, a rebate of 40% will be provided.

Meanwhile, officials will schedule a meet in the near term to deliberate on the final impact of the measure on the balance sheet of the authority.

Likewise, Ghaziabad Development Authority has decided to pass on the benefit of RBI's EMI moratorium to its residents. "RBI has issued an advisory to banks that the EMIs should be deferred by three months and we want to pass on the benefits to the buyers. No penalty will be levied till June," said a senior GDA official.

The move would provide a breather to as many as 11,000 residents in the region. On the defaulted amount, GDA charges an annual interest of 11% as default. And in case of successive defaults, the interest rate is hiked to 14%.

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