Noida: In a relief to developers of group housing projects which were delayed due to litigation, the Noida Industrial Development Authority on Friday granted zero period to developers of six housing projects.
Zero period is the time during which the authority does not impose any penalty or interest on unpaid installments of payment against allotment of a plot for development of a group housing project.
According to officials of the authority, the move is expected to benefit over 5,500 homebuyers whose possession was delayed due to incomplete housing projects.
An official statement says that the zero period is being granted to those applicants whose housing project was delayed due to non execution of lease agreement, litigation and non availability of access road to the project sites after due examination.
The house projects which were granted relief under zero period include three housing projects of Logic Group in Sector 137 and in Sector 143, one housing project of Great Value India Ltd. in Sector 107, one housing project of IV County in Sector 121 and one housing project of Ajnara India in Sector 74.
The officials said that they were also given extension for completing these housing projects so that homebuyers' expectations of getting homes are fulfilled. Delivery to as many as 5,517 homebuyers was delayed in these projects.