Greater Noida: Homebuyers Registry &' Stuck Projects Relief

Noida, Dec 26 (PTI) The Greater Noida Authority's Board on Tuesday adopted the Uttar Pradesh government's order for implementing recommendations of the Amitabh Kant Committee on real estate projects, in a move aimed at helping buyers get homes soon and builders complete stuck projects.

The decision will impact 117 group housing projects and an estimated 75,000 home buyers, according to officials.

With this, builders will be able to avail the benefit of 'zero period' for completion of projects, time period extension for deposit of dues, mortgage permission, purchase of prevailing FAR, extension of time for completion of project, while flat buyers will get the benefit of registration in three months, additional and many other benefits, according to a statement.

The decision was taken during the 133rd Board meeting of the Greater Noida Industrial Development Authority (GNIDA) chaired by its chairman and UP's Infrastructure and Industrial Development Commissioner Manoj Kumar Singh.

Greater Noida Authority CEO NG Ravi Kumar and Noida Authority CEO Lokesh M were present as board members.

"In the 133rd board meeting, an approval has been given to adopt the government order issued on implementing the recommendations of the Amitabh Kant Committee," the GNIDA said in the statement.

However, builders will not be able to get benefits if the conditions are violated, it noted.

The recommendations of the committee will be applicable to the group housing projects and if there is commercial part in group housing, then it will be applicable in that also while township development projects will also be within its scope, the GNIDA said.

But, if the group housing project is in NCLT or court, then it can avail the benefit of this package only when the case is withdrawn. Also, these recommendations will not be applied on group housing projects of the Sports City Project, or those included in the Recreation Entertainment Park Scheme, according to the statement.

Apart from this, these recommendations will not be valid in commercial, institutional and industrial projects, the GNIDA said.

Recently, orders were issued by the Uttar Pradesh government for adoption of 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 in the board meeting of Greater Noida Authority on Tuesday.

IIDC Manoj Kumar Singh said, "this initiative of the government will provide great relief to the buyers, and OC and CC of all the constructed flats will also be issued. Those dwelling in their homes will soon get registries on their names and have ownership rights of their property."

The GNIDA said several reliefs have been announced for completion of the incomplete projects.

Builders will be given the benefit of zero period from April 1, 2020 to March 31, 2022 (peak Covid pandemic period). After taking advantage of 'zero period', 25 per cent of the outstanding amount will have to be deposited within 60 days. The remaining 75 per cent money will have to be deposited with simple interest in three years, it said.

Now a co-developer will also be able to get permission to complete the project. Both will be responsible for paying the outstanding amount of the authority. 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 dues of the builder, it added.