Committee assures builders that if they deliver within the stipulated timeframe they will be given the benefit of the Zero Policy.
Thursday brought a major respite to the hapless buyers of stalled housing projects in Noida. The committee of three ministers, appointed by the Uttar Pradesh State Cabinet has announced that it would ensure delivery of 20,000 flats. This decision was taken in the course of a meeting that was held to discuss the roadmap in terms of granting possession.
The members of the committee, including Satish Mahana, industries minister, Suresh Khanna, urban housing minister and Suresh Rana, state minister (independent charge) for cane development and sugar mills had met delegations of buyers, builders and officials of the Noida Authority to devise solutions to the problems that are currently plaguing the realty sector.
“Until now, around 3,755 flats have already been delivered and 20,000 flats are slated for delivery on or before December 12. Our CM, Yogi Adityanath has promised to deliver 50,000 flats in the next three months. In a bid to ensure fulfilment of this promise, we have asked the builders to submit action plans for the pending constructions,” said Suresh Khanna, urban housing minister.
Builders who deliver their flats on time shall also be incentivised with the benefits of the Zero Period Policy. “When a NGT order of 2013 had halted construction work of several real estate projects in the vicinity of a bird sanctuary, we had declared this zero period (zero interest for defaulter builders) for 77 days,” Khanna added.
According to the committee, about a dozen big builders have submitted their action plan out of which big names like Jaypee, Amrapali and Supertech also feature. The builders shall get all the help they require from the government.
Incidentally, following the insolvency proceedings against Amrapali, Confederation of Real Estate Developers' Associations of India (CREDAI), has come forward to offer support. CREDAI shall help Amrapali to complete the project by offering a financial aid of Rs 200 crore.