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U.P. govt announces relief for house buyers in NOIDA, Greater NOIDA and NCR region
Cabinet okays Kant Committee recommendations: immediate possession and registration of property, interest waiver during zero period
The Uttar Pradesh government announced big relief to house buyers in NOIDA, Greater NOIDA and NCR region, on Tuesday.
Uttar Pradesh finance and parliamentary affairs minister Suresh Kumar Khanna said that in its meeting held on Tuesday, the UP cabinet gave its approval to the implementation of the recommendations of the committee constituted under the chairmanship of Amitabh Kant, ex-CEO Niti Ayog on Legacy Stalled Real Estate Projects.
To protect the interest of house buyers, the committee has recommended immediate possession and registration of property. The Kant Committee has also recommended waiving off the interests during the zero period (April 2020- March 2023) announced during the pandemic. The cabinet has approved the recommendation of waiver on the interest but this will not be applicable on commercial, sports and entertainments projects, he said.
According to a report of the Indian Bank Association, there are 4.12 lakh houses in the country that have not been completed due to the poor financial condition of developers. While 2.40 lakh houses are in NCR region, with the implementation of the recommendation of the Kant committee, the interest of house buyers will be protected. The builders will be able to complete the housing projects on schedule and this will give momentum to the economic activities in the state.
Buyers whose houses are incomplete in NOIDA, Greater NOIDA region or were unable to get possession will get relief. The buyers who have purchased property should get it registered or should get the sub lease deal done immediately. No interest will be charged for the zero period during the pandemic from April 1, 2020 to March 31, 2022, Khanna said.
The Amitabh Kant committee was constituted in 2023 by the central government to examine stalled real estate projects and to recommend ways to complete stalled projects. The Indian Bank Association in its report has said that 60% of the stalled projects had already been bought with a capital commitment of ₹1.9 lakh crore, he said.