New Delhi: The Uttar Pradesh government has decided that all builders of Noida, Greater Noida, Yamuna Expressway will be exempted from penalties and other dues if they provide a written assurance that their projects would be completed by June 30, 2021.
Builders whose projects got stalled owing to litigation will be able to avail of this benefit. The decision to allow a zero-period benefit to builders was taken by the state cabinet chaired by Chief Minister Yogi Adityanath.
The builders will be exempted from shelling out the penal interest and other dues if the housing project is stalled due to litigation, National Green Tribunal directions or a delayed deed execution, according to reports. The decision was taken to protect the interest of home buyers and based on the recommendations of various committees and the UP Real Estate Regulatory Authority (RERA).
The BJP government puts the onus of so many stalled projects in the area on the previous government by claiming that during the term of the previous Samajwadi Party government there was a race among builders and officials to begin housing projects, particularly in the National Capital Region, which resulted in the mushrooming of the projects, though many had no approach way to even start the project.
At least 1 lakh housing units will benefit from the decision. It will also ensure that many more projects can come up. The area will attract more builders and buyers as the UP government also approved the construction of an extension line of the Noida-Greater Noida metro which will run between Noida Sector 71 and Greater Noida Knowledge Park V.
The new rail link is expected to connect the densely populated areas of Gaur City and Noida Extension to the Aqua Line and the adjoining Blue Line metro network, which connects Noida with Delhi, according to officials.