Real estate developers in Noida who have paid the initial 25% under the state government's reschedulement policy are now eligible for additional relief on their dues. This follows earlier relief that eliminated penalties and interest accrued during the Covid-19 pandemic. The new waiver targets the period from August 14, 2013, to August 19, 2015, when construction was halted due to NGT orders. Out of 57 applicants, 10-11 developers are expected to benefit. Noida Authority CEO Lokesh M confirmed ongoing assessments, aligning with the UP government's efforts to revive stalled projects. The move, welcomed by CREDAI, aims to expedite project completion and address delays caused by external factors.
In Noida, real estate developers who have applied under the state government's reschedulement policy and made the initial 25% down payment will now be eligible for an additional waiver on their dues. This follows the initial relief that removed penalties and interest accumulated during the Covid-19 pandemic.
The state government's policy aims to ease the financial burden on developers by offering another round of relief for a period when construction was halted due to National Green Tribunal (NGT) orders related to the Okhla Bird Sanctuary. This new waiver applies to the period from August 14, 2013, to August 19, 2015.
Out of 57 builders in Noida who applied for the scheme, about 10-11 are expected to benefit from this additional relief. Noida Authority CEO Lokesh M confirmed that the assessment is ongoing, and each developer's application will be reviewed individually. This move aligns with the UP government's rehabilitation policy, which was influenced by the Amitabh Kant committee's recommendations to revive stalled projects.
The policy specifies that the zero-period relief will be granted on a case-by-case basis, considering each project's specific circumstances. Historically, the Noida Authority had provided zero-period waivers for shorter durations due to NGT orders, but this new measure could extend the relief period further. The Confederation of Real Estate Developers' Associations of India (CREDAI) has welcomed this move, noting that it will help developers clear their dues faster and expedite the registration process for homebuyers.
CREDAI has also highlighted the need for the Noida Authority to address time extension charges for delayed projects, pointing out that various factors beyond developers' control, such as farmers' protests and environmental restrictions, have contributed to delays. Manoj Gaur, CREDAI president in NCR, added that developers are also seeking zero-period benefits for other restrictions like GRAP (Graded Response Action Plan) imposed during winter, which further delays construction and increases costs.
This additional relief is expected to provide much-needed support to developers and help accelerate progress on stalled projects in Noida.
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