Greater Noida builders to pay penalty if 15% not completed in first three years
(WorldNews India)

Greater Noida: In an attempt to expedite the handing over of residential flats to homebuyers, the Greater Noida Industrial Development Authority (GNIDA) on Monday said that it has `defined` certain clauses in the building bylaws related to construction. As per the new definition, the builders of group housing plots, who have failed to start construction within the stipulated period of three years - or as per the number of years mentioned in the lease deed -will be charged a penalty if they have not completed the first phase (15%) of their construction during the stipulated time. Thereafter, penalty will be charged on the builder every subsequent year till the...