The GNIDA said several reliefs have been announced for the completion of the incomplete projects
The boards of Noida Authority and Greater Noida Authority on Tuesday passed the Uttar Pradesh government's order to implement the Amitabh Kant Committee's recommendations on real estate projects, with an aim to help buyers get homes quickly and builders get stuck projects to help complete.
The decision will impact around 190 group housing projects in Noida and Greater Noida, where developers are yet to pay dues of around Rs 32,000 crore, while more than one lakh apartments are yet to be handed over to buyers, according to official estimates.
This will enable builders to avail the benefit of 'zero period' for project completion, extension of time period for deposit of dues, mortgage permit, purchase of prevailing FAR and extension of time for project completion , while apartment buyers will. get the benefit of registration within three months, additional and many other benefits, according to a statement.
The decision was taken during the 231st board meeting of the Noida Authority and the 133rd board meeting of the Greater Noida Industrial Development Authority (GNIDA), both chaired by the chairman and UP's commissioner for infrastructure and industrial development, Manoj Kumar Singh.
CEO of Greater Noida Authority NG Ravi Kumar and CEO of Noida Authority Lokesh M were present as board members.
“At the 133rd board meeting, approval was given to adopt the government's decision on implementation of the recommendations of the Amitabh Kant Committee,” GNIDA said in the statement.
However, builders will not be able to get benefits if the conditions are violated, the report said.
The committee's recommendations will be applicable to the group housing projects and if there is a commercial component in group housing, then that will also be applicable, while urban development projects will also fall within its ambit, GNIDA said.
But once the group housing project has been filed with the NCLT or the court, it cannot benefit from this package until the case is withdrawn. These recommendations will also not be applied to group housing projects of the Sports City Project or the projects included in the Recreation-Entertainment Parks Regulations, the statement said.
Apart from this, these recommendations will not be valid in commercial, institutional and industrial projects, the GNIDA said.
Recently, orders have been issued by the Uttar Pradesh government for approving the recommendations of a committee on stalled real estate projects headed by former NITI Aayog CEO Amitabh Kant.
To implement these recommendations, proposals were made at the Greater Noida Authority board meeting on Tuesday.
Manoj Kumar Singh, Commissioner for Infrastructure and Industrial Development (IIDC), said, “This initiative of the government will provide great relief to the buyers and OC and CC of all constructed apartments will also be issued. Those living in their houses will will soon have a register in their name and have ownership rights to their properties.”
The GNIDA said several reliefs have been announced for the completion of the incomplete projects.
Builders will benefit from the 'zero period' from April 1, 2020 to March 31, 2022 (peak period of the Covid pandemic).
After making use of the 'zero period', 25 percent of the outstanding amount will have to be paid within 60 days. The remaining 75 percent of the money will have to be deposited over three years with simple interest, the report said.
Now a co-developer can also get permission to complete the project. Both are responsible for paying the authority's outstanding balance. Partial surrender of unused land of the project will be allowed.
The authorities will adjust the amount already paid for the surrendered land with the builder's dues, it added.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: December 27, 2023 | 6:54 am IST