Wednesday, August 19, 2020

Deadline extension for Noida project dealers by December 2021

An official statement said that the Noida Authority on 18 August extended the deadline for more than a dozen builders to complete the pending projects by 31 December 2021. These builders had earlier assured delivery of homes by the end of June 2021

The decision was approved during the Noida Authority's 199th board meeting in view of COVID-19 status.

According to the zero-term policy announced last December, builders will be exempted from paying punitive interest on outstanding land dues for the number of stuck projects.

However, this policy was applicable to builders who were expected to own a house by June 2021. The state government had hoped to construct one lakh new housing units by that time.

"Developers who have given written assurance to complete their pending projects by 31 December 2021 have been given extension from 30 June, 2021 to 31 December, 2021. As part of the Zero Term Policy letters have been issued to give written assurance about completion of incomplete projects by 31 December, 2021,"

The board also approved the authority's annual budget, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore for spending for the current fiscal year 2020-21.

The statement said that the expenses include land acquisition, development work, health and repair and maintenance of urban infrastructure, village development, and miscellaneous expenses.

The budget states that the amount for land acquisition has been increased from Rs 600 crore to Rs 1,000 crore and from Rs 106 crore to Rs 125 crore for village development.

The board meeting was chaired by Commissioner of Infrastructure and Industrial Development Alok Tandon and chairman of three different authorities in Gautam Buddh Nagar.

The meeting was attended by Noida Authority CEO Ritu Maheshwari, Greater Noida Authority CEO Narendra Bhooshon and Yamuna Expressway Authority CEO Arun Vir Singh.

It was said in the meeting that a total of 37 agendas were placed during the meeting apart from 15 proposals for board approval. The 198th board meeting was held in April.

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