Govt relief to realtors, home buyers in NCR

| | Lucknow
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Govt relief to realtors, home buyers in NCR

Tuesday, 07 July 2020 | PNS | Lucknow

The Uttar Pradesh government, in a major relief to home buyers and real estate developers of group housing projects in the National Capital Region (NCR), has extended the deadline for completing projects by one-and-a-half years, to December 31, 2021.
Most of the projects in the NCR are behind schedule due to the long spell of lockdown due to COVID-19 pandemic. The state government in December 2019 had fixed the a deadline of June 30, 2020 for these projects.
Following the lockdown on March 25 this year, the work on housing projects had come to a standstill in the NCR and the developers had urged the state government to extend the deadline beyond June in the interests of both home buyers and builders.
Conceding to their demands and acknowledging the ground realities, the state cabinet by circulation last week took the decision to extend the completion deadline to December 31, 2021.
This will provide the much needed relief to the developers in completing their projects without the spectre of defaulting on the deadline, which otherwise authorises the respective development authorities to, in extreme cases, cancel the land lease deeds and take over the projects, thus leaving both the builders and buyers in a lurch.
Meanwhile, the government has also extended the window for getting the completion certificates without penalty for group housing projects by six months.
According to official sources, the value of the housing projects awaiting completion in the Noida and Greater Noida regions would be more than Rs 4 lakh crore spanning at least one lakh housing units.
“The extension of deadline for getting the completion certificates by six months would greatly benefit those projects which were already on verge of completion but could not be completed due to the lockdown,” said a real estate developer.
Besides, the decision to provide an extended window of another one-and-half-year would help developers in completing the projects without attracting the penal provisions of possible cancellation of the lease agreements, he added.
On December 3, 2019, the UP cabinet had fixed June 30, 2020 as the deadline to complete housing projects pending since 2017 in Noida and Greater Noida regions to help the home buyers in realising their dreams of owning a house in the NCR.
At that time, UP Industrial Development Minister Satish Mahana had said those projects, which were stuck owing to litigation at various forums, including the National Green Tribunal (NGT) and courts of law, or delayed due to the procurement policies, would benefit under the scheme, since the extension would be considered as a zero period.

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