The Uttar Pradesh government unveiled significant relief measures for house buyers residing in NOIDA, Greater NOIDA, and the NCR region. The announcement, made on Tuesday, stemmed from the Uttar Pradesh cabinet’s approval of the recommendations set forth by the committee chaired by Amitabh Kant, the former CEO of Niti Ayog, tasked with addressing Legacy Stalled Real Estate Projects.
Suresh Kumar Khanna, the Uttar Pradesh finance and parliamentary affairs minister, highlighted that the cabinet greenlit the implementation of the Kant Committee’s proposals, emphasizing immediate possession and registration of property. Additionally, the committee advised the waiver of interest during the zero period (April 2020-March 2023) announced amid the pandemic. However, it clarified that this interest waiver would not apply to commercial, sports, and entertainment projects.
Reports from the Indian Bank Association revealed a staggering count of 4.12 lakh incomplete houses across the country, a significant portion located in the NCR region. With the adoption of the Kant committee’s suggestions, the government aims to safeguard the interests of house buyers and facilitate the completion of housing projects. This move is anticipated to reinvigorate economic activities within the state.
The relief extends to buyers facing incomplete projects in the NOIDA and Greater NOIDA regions, ensuring immediate property registration or sublease deals for those who’ve made property purchases. Moreover, there will be no interest charges during the zero period of the pandemic, spanning from April 1, 2020, to March 31, 2022.
The committee, spearheaded by Amitabh Kant, was instituted in 2023 by the central government to address stalled real estate projects and propose strategies for their completion. The Indian Bank Association’s report highlighted that 60% of these stalled projects were purchased, committing a substantial capital of ₹1.9 lakh crore.
This governmental initiative aims to alleviate the plight of homeowners affected by incomplete projects while catalyzing the completion of these projects to reignite economic growth.
Sources By Agencies
