Homebuyers to get interest waivers on flat cost payment delays during Covid-19 - Hindustan Times
close_game
close_game

Yeida: Homebuyers to get interest waivers on flat cost payment delays for two years of Covid-19

By, Greater Noida
Mar 06, 2024 06:10 AM IST

Yeida has asked realtors not to levy any penalty on homebuyers for the delay in payment against the apartment cost for two years of COVID-19

The Yamuna Expressway Industrial Development Authority (Yeida) on Tuesday said homebuyers will not have to pay any penalty if their payments were delayed during the two years of Covid-19 (2020-21).

There are at least 10,000 apartment buyers, who are awaiting their registries since the past many years in a total of nine housing projects located along the Yamuna Expressway. (HT Archive)
There are at least 10,000 apartment buyers, who are awaiting their registries since the past many years in a total of nine housing projects located along the Yamuna Expressway. (HT Archive)

Yeida has asked the realtors not to levy any penalty for the delay in payment against the apartment cost. There are at least 10,000 apartment buyers, who are awaiting their registries since the past many years in a total of nine housing projects located along the Yamuna Expressway.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

Also Read: Builders agree to pay dues, Noida authority gives nod to process registries of 13,600 flats

These projects are SDS housing project, ATS Allure, Supertech Township and Supertech Upcountry, among others. The realtors had launched their projects from 2010 onwards and possession and registries were supposed to have started in 2014-15. But since realtors failed to clear their land cost dues, homebuyers kept suffering for the last six to seven years as the authority did not allow registries until dues were cleared, said officials.

Steps taken by the UP government to end the deadlock

To end the deadlock, the Uttar Pradesh government approved a “stalled legacy housing project” on December 21, 2023, offering waivers on interest and penalties to those builders who come forward to pay their dues at least partially.

Also Read: Noida to lift ban on registration of apartments in sports city project

After several builders came forward to pay dues after availing of waivers, the government directed Yeida to set up camps to execute registries and sub-lease deeds with ease without having to go the registrar’s office, said officials.

Under the new policy, nine developers have given their consent to clear dues and become eligible for registries.

“We have directed all nine developers not to levy any penalty on any homebuyer for delay in payment. Because we are offering realtors waivers for two years of Covid-19, when the construction got disrupted, they should pass on the benefit to homebuyers. We will discuss this issue in our upcoming board meeting likely to take place on March 11. We will make it compulsory for realtors to give waivers to homebuyers,” said Arun Vir Singh, chief executive officer of the Yeida.

Also Read: 7 things real estate investors should keep in mind before buying property in Greater Noida and Noida

“We have told homebuyers that they can pay farmers’ compensation directly to us instead of giving it to realtors, who levy penalty on delay, and we will issue permission for registry. We are clearing all sorts of hurdles in way of the registries of apartments in the name of homebuyers,” said Singh.

SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    Vinod Rajput writes on environment, infrastructure, real estate and government policies in Noida and Greater Noida. He has reported on environment and infrastructure in Delhi, Gurgaon and Panchkula in the past.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, May 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On