Noida, Greater Noida authority paves way to restart stuck housing projects

Noida and Greater Noida authority have approved the recommendations of a committee chaired by
former NITI Aayog chairman and India’s G20 Sherpa Amitabh Kant, paving way for resumption of over 200,000 stalled flats in the region. In their board meeting on Tuesday, both the authorities gave final approval which will allow builders to take benefit of zero period, more time for payment of dues, permission to mortgage among others. “This will benefit 117 projects and 75,000 buyers in Greater Noida alone,” said an authority spokesperson. According to the approved proposal, builder taking benefit of the policy won’t be able to charge any
amount from the buyer so that the benefit provided by the government reaches to the homebuyer.

An independent chartered accountant or third party will recalculate the dues of the builder. In addition, no
charges will be levied for giving three years of extension to the builder.
Once a developer agrees for the relief package, it has to submit 25% of the dues and the authority will
give permission to mortgage so that builder can raise the fund to complete the project. If the due is less than Rs 100 crore, then it needs to be cleared within a year and if it is between Rs 100
crore and Rs 500 crore, then the builder will get two years’ time to clear it. For more than Rs 500 crore
dues, builder will get three-year payment plan.

The authority has said relief package will not be applicable for the project’s part of sports city scheme and commercial, institutional and industrial projects.