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Thursday, July 25, 2024

Noida and Greater Noida Authorities Greenlight Restart for Stalled Housing Projects

The Noida and Greater Noida authorities have given their nod to the recommendations presented by a committee headed by former NITI Aayog chairman and India’s G20 Sherpa, Amitabh Kant. This move signals the revival of over 200,000 stagnant residential units in the region.

In their joint board meeting held on Tuesday, both authorities granted final approval, enabling builders to capitalize on various benefits, including a zero period, extended timelines for payment of dues, and permissions for mortgage, among other provisions. A spokesperson for the authorities stated, “This will benefit 117 projects and 75,000 buyers in Greater Noida alone.”

As per the approved proposal, builders availing themselves of the policy cannot impose any additional charges on the homebuyer, ensuring that the government’s provided benefits reach the end consumer. An independent chartered accountant or third party will reassess the builder’s outstanding dues, and no fees will be imposed for granting a three-year extension to the builder.

Under the relief package, once a developer agrees to the terms, they must submit 25% of the dues, after which the authority will authorize mortgage permissions to enable the builder to secure funds for project completion. If the outstanding amount is less than Rs 100 crore, it must be cleared within a year; for dues between Rs 100 crore and Rs 500 crore, the builder gets a two-year repayment window. For outstanding dues exceeding Rs 500 crore, the builder will have a three-year payment plan.

It’s important to note that the relief package does not apply to projects associated with the sports city scheme or commercial, institutional, and industrial endeavors, as specified by the authority.

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