GNIDA approves zero-period policy for stuck housing projects
GNIDA approves zero-period policy for stuck housing projects
CitySpidey
GNIDA approves zero-period policy for stuck housing projects
Photo: CitySpidey

GNIDA approves zero-period policy for stuck housing projects

Greater Noida: The Greater Noida Industrial Development Authority (GNIDA) on Monday approved the zero-period policy for builders of stuck housing projects. 

Under this, there will be exemptions for penal interest on outstanding land dues for the number of years the project was stuck due to delay from the authorities to handover land or litigation including the National Green Tribunal (NGT).

A senior officer of GNIDA talking to Milleniumpost said, “Uttar Pradesh government had approved zero-period policy in December 2019. The authority has also approved this for all the group housing projects in Greater Noida. It will benefit lakhs of homebuyers.”

The officer further stated that the policy is applicable to builders who will give possession by June 2021 and are already under process to complete the projects.