UP govt to reintroduce zero-period policy to expedite projects’ completion

Location

UP govt to reintroduce zero-period policy to expedite projects’ completion

The minister said the decision was taken to protect the interest of homebuyers.

UP govt to reintroduce zero-period policy to expedite projects’ completion Representative Image

Noida: The Uttar Pradesh government on Tuesday decided to reintroduce ‘zero-period’ policy to expedite the construction of unfinished housing projects. The decision in this regard has come during cabinet meeting chaired by Chief Minister Yogi Adityanath.

The zero-period policy specifies that if a housing project was stalled due to a stay order by any court or the National Green Tribunal (NGT) or the Real Estate Regularity Authority (RERA) delayed possession of deed execution then the affected period would be considered as zero.

The policy also undertakes a situation wherein a developer could not begin the project construction owing to the absence of an approach road or the authority's failure to acquire land at the time of handover. The real estate developers, in such cases, are exempted from penal interest and dues, albeit with some conditions.

“The benefit of zero-period policy will apply to builders who are set to provide homes to buyers by Jun 2021,” said UP Industrial Development Minister, Satish Mahana. The policy was first introduced in 2011-12 in Greater Noida to help the developers whose projects were affected owing to the farmers’ agitation.

The minister said the decision was taken to protect the interest of homebuyers and it was based on the recommendations of various committees and the UP Real Estate Regulatory Authority (RERA).