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Dec 13, 2019-Friday



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Friday, Dec 13, 2019

Noida homebuyers seek clarity on what they’re entitled to

noida Updated: Dec 03, 2019 20:54 IST

Homebuyers on Tuesday said that the Uttar Pradesh government must ensure that the relief provided to builders under Zero Period Policy must be passed on to them as well.

In Lucknow, the UP cabinet on Tuesday approved the Zero Period Policy that gives relief to builders paying interest on land dues for housing projects for a period when construction was halted due to disputes. While the state government has said the benefits will be passed on to homebuyers as well, stakeholders in Noida and Greater Noida sought more clarity.

“I purchased a flat in a housing project in 2011 in Greater Noida West, which was earlier known as Noida Extension. I got possession of my flat three years later than promised and I have paid total flat cost to the builder. If the builder will get the interest benefit then I want to understand how will I benefit from this scheme now,” said Pooja Mahajan, an apartment owner.

The UP government has told the Noida and Greater Noida authorities to not impose interest on financial dues on projects for the years when they were stuck in litigation or in cases where land could not be handed over to the builder on time. These interest-waiver benefits will be for projects, which are scheduled to be finished by June, 2021, and the move is aimed to benefit over 1 lakh apartment buyers in the twin cities.

Further, Noida authority officials said homebuyers of projects, where zero period policy is applicable, will not have to pay the penalty levied by builders for defaulting payments during such time.

However, apartment owners said that they are likely to meet the Noida authority chief executive officer Ritu Maheshwari to discuss the issue.

“We will meet Noida CEO to get more clarity on this issue and understand how the authority will ensure that the relief is passed on to the apartment owners in cases where zero period benefit is given,” said Hem Prakash Kaushik, a buyer of Unitech’s Uni Homes.

The UP government has also explained the circumstances under which waiver on interest and penalty can be sought—when project is stuck in litigation, when authority failed to handover housing land on time, delay because of encroachment on housing land, non-registry of lease deed due to court orders and if connecting road or supporting infrastructure was not built by the authorities.

Officials added that if dispute pertains to a portion of the housing project in question, then the policy benefits will only be applicable to that extent.