The Noida Authority has extended the deadline of its scheme for the sale of low-income group (LIG), middle-income group (MIG), high-income group (HIG) and Duplex residential apartments in different sectors of Noida to cater to the rising demand for dwelling units in the city, officials said.
The last date of registration for MIG, HIG and Duplex residential flats is February 7, while to submit final bids is February 9. Similarly, the deadline to apply for the LIG flats scheme is February 21.
The scheme was launched on January 2 and last date was January 31.
Also read: Noida Authority launches housing scheme to sell 340 flats in six sectors
Officials said that the last date of this residential scheme was extended because of lacklustre response from buyers.
Under the scheme, the Noida Authority is offering 24 residential flats of MIG, HIG and Duplex categories for e-auction, and 314 flats in the LIG scheme.
Officials said that the demand for residential apartments has gone up significantly in Noida, and so the Authority is providing an opportunity for the public to buy flats located in six different sectors across the city.
“A total of 338 built-up flats of different categories have been put up for sale in the scheme. These residential apartments are located in sectors 52, 62, 71, 99, 118 and 135 in Noida. The sale of MIG, HIG and Duplex apartments will be done through e-auction, while LIG flats will be allotted through a lucky draw. We are hopeful that people will grab this opportunity to own a home in the city,” a senior official of the Noida Authority told Moneycontrol.
The LIG flats located in sectors 52, 71, 99, 118 and 135 will be allotted through a lucky draw, while the MIG, HIG and duplex apartments located in sectors 62, 99 and 135 will be e-auctioned.
Here are 10 things that you must know about the housing scheme and the amenities that are on the offer.
1. Location of flats:
The LIG flats are located in sectors 52, 71, 99, 118 and 135, and the MIG, HIG and Duplex apartments are situated in sectors 62, 99 and 135.
2. Amenities:
According to Authority officials, these built-up flats have 24x7 water and electricity supply. The apartments also have piped natural gas supply. Areas where these flats are located have good public transport connectivity, which include metro train services, and city buses, among others.
Officials also said that unlike private builder flats, these flats are free from all encumbrances, such as pending registry. “Allottees will face no such problem (pending registry) here,” an official said.
3. Size of the apartments
The super area of the 1BHK (bedroom, hall, kitchen) apartment in the LIG category ranges between 592 square feet (sq ft) and 699 sq ft. The 2BHK MIG flats comes with a super area ranging between 796 sq ft and 979 sq ft, while the 3BHK and HIG flats will have a super area of 1,646 sq ft. The duplex apartments have a super area of 1,937 sq ft.
4. Pricing
According to Noida Authority officials, prices of LIG built-up flats are likely to range between Rs 45.08 lakh and Rs 76.56 lakh. Similarly, the cost of MIG flats oscillates between Rs 66.44 lakh and Rs 90.48 lakh. The prices of HIG flats range between Rs 1.34 crore and Rs 1.74 crore, while the cost of the duplex apartments has been kept at Rs 1.79 crore.
5. Who can apply
Any Indian citizen who is legally competent to enter into a contract is eligible to participate in the housing scheme. There is one condition though, which is that applicants, their spouse and dependent children should not have been allotted any residential plot or house or flat by Noida Authority.
6. How to apply
People can either download the application form from the Authority’s website www.noidaauthorityonline.in or procure it from any branch of the State Bank of India (SBI). Those who get the form from the SBI will have to submit it at the particular branch. Applicants will have to submit documents, including Aadhar card, PAN card, bank statement, etc for registration.
For more information, including details of the plots and the terms and conditions, applicants can download brochures of the scheme from the Noida Authority’s website or procure it from the Authority’s office in Sector 6, Noida.
7. Mode of allotment
As many as 318 LIG flats located in sectors 52, 71, 99, 118 and 135 will be allotted through a lucky draw, while the 24 MIG, HIG and duplex apartments located in sectors 62, 99 and 135 will be e-auctioned.
For e-auction, interested parties will need to sign up and obtain a user ID and password on the portal https://property.etendersbi as well as remit EMD/e-service fee.
8. Can you sell a Noida Authority apartment?
According to officials, if the allottee has no dues to the Authority and has completed the lease deed, then the person can sell or rent out the flat.
9. Is it worth buying?
According to local brokers, the price range of flats in the housing societies developed by private builders in these sectors of Noida range between Rs 75 lakh and Rs 1.5 crore. Though the prices depend on a number of factors, such as area, floor, preferential location charges, etc., but generally a 2BHK flat in these sectors costs around Rs 75 lakh. The prices of non-luxury 3 BHK flats oscillate between Rs 90 lakh and Rs 1 crore.
10. Rental value
Brokers say that rental value of LIG flats is likely to remain between Rs 10,000 and Rs 12,000, while for MIG flats it could be between Rs 15,000 and Rs 20,000. For HIG flats, it could be between Rs 22,000 and Rs 27,000 depending on the sector.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
