#WeeklyNewsRoundup: No Increase In FAR For Upcoming Project, Says Noida Authority
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Weekly News Roundup is PropGuide's selection of the week's top stories from the real estate sector.
The Noida Authority has ruled out increasing the floor area ratio (FAR) for the under-construction and upcoming projects in the city. The development body has also clarified that henceforth no-objection certificates (NOC) and completion certificates "will only be issued to developers subject to completion of common facilities, payment of dues and those who complete the infrastructure work of under-construction projects".
The Delhi Development Authority (DDA) plans to float a new housing scheme to re-sell 13,000 flats that were returned by the allottees of the 2014 housing scheme. In order to attract serious buyers this time, the land-owning agency has increased the earnest money to Rs 5 lakh for MIG (mid-income group) flats. A final decision would be taken in a forthcoming meeting to be held on October 10.
After Greater Noida, the Noida authority, too, is toying with the idea to open joint accounts with real estate developers to ensure faster delivery of projects. The move would ensure that the money collected from homebuyers is spent only on completing housing projects and is not diverted or used elsewhere. The authority will ensure 30 per cent of the money collected from the homebuyers goes into paying land dues and 70 per cent is spent on completing the project.
The Noida Authority has warned developers of strict action if they hand over the possession of residential units to homebuyers without obtaining the requisite completion certificates. In a notice, the authority has also urged homebuyers to check details of projects, which have been granted completion certificates in recent months, on its website, before taking possession of a residential unit.
The Signature Bridge near Wazirabad in the national capital will finally be completed in April 2017. Conceptualised in 2004, the project has seen its deadline extended numerous times. The bridge will be an essential link between east and north Delhi. The delays have shot up its estimated cost from Rs 887 crore to Rs 1,594 crore.