UP approves Amitabh Kant Committee recommendations for delayed projects.  Top 5 things buyers should know

 – Gudstory

UP approves Amitabh Kant Committee recommendations for delayed projects. Top 5 things buyers should know – Gudstory

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To address the long-standing issue of delayed real estate projects in Noida, Greater Noida and Yamuna Expressway, the Uttar Pradesh Cabinet on December 19 approved the recommendations laid down by the Amitabh Kant Committee.

The move aims to provide relief to countless home buyers who have been waiting for possession of their homes for over a decade. Below are five key points for home buyers.

Special focus on stalled housing projects

– This policy specifically caters to stalled housing projects, aimed at assisting home buyers who are unable to obtain possession of their properties or register them due to financial defaults of developers.

– Specifically, the scheme does not include stalled commercial projects, group housing schemes under development, sports cities in Noida and Greater Noida, as well as institutional and industrial projects.

Manoj Kumar Singh, UP’s additional chief secretary and chairman of the Noida and Greater Noida authorities, clarified that the policy aims to facilitate registry or possession in stalled housing projects, while also addressing the concerns of Sports City separately. Has gone.

Realtors urged to give discounts to home buyers

The committee’s suggestion to waive penal interest for the period between April 2020 to March 2023 due to the impact of the pandemic has been accepted.

– However, this relaxation will not apply to commercial, entertainment or recreational projects including sports cities, as stated by UP Finance Minister Suresh Kumar Khanna.

Singh highlighted the need to transfer these benefits to home buyers by realtors and stressed on collaboration among stakeholders for effective scheme implementation.

If exemption is not given then support for home buyers

– Developers are required to clear financial dues within 60 days of project registration.

– The government has directed officials concerned to ensure timely payments, appoint independent auditors for financial appraisal and expedite flat registration within three months.

– Noida Authority CEO Lokesh M confirmed his readiness to follow the government directive.

Co-Developer Option for Project Completion

– This scheme allows co-developers to take charge of stalled projects and complete them under the new policy.

– Developers failing to meet financial obligations may face project cancellation or seizure of commercial volumes by the authority to recover dues.

Registration is linked to financial dues

– Contrary to the Kant Committee suggestion to separate registration from financial dues in stalled projects, the UP government orders developers to pay 25% of the total dues for property registration.

– Permission to register housing units will be granted sequentially, failure to pay the remaining 75% will result in cancellation of permission.

The Uttar Pradesh government’s decision to endorse the Kant Committee recommendations is aimed at providing a structured framework to address the plight of home buyers affected by long delays in the delivery of their dream homes.

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Published: 23 Dec 2023, 12:58 PM IST


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