News: Builders get extension to complete pending projects in Noida till Dec 2021-19-08-2020
https://realty.economictimes.indiatimes.com/news/industry/builders-get-extension-to-complete-pending-projects-in-noida-till-dec-2021/77626519
According to the zero period policy, announced last December, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck.
NOIDA: The Noida Authority on Tuesday extended the deadline for over a dozen builders to complete the pending projects here by December 31, 2021 under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021.
The decision was approved during the 199th Board Meeting of the Noida Authority in the wake of COVID-19 situation.
According to the zero period policy, announced last December, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck.
However, the policy was applicable to those builders who were expected to provide homes by June 2021. The state government had expected one lakh new housing units to be constructed by that time.
"...the developers who have given written assurance to complete their pending projects by December 31, 2021, have been given an extension till December 31, 2021 from June 30, 2021 as part of the zero period policy. 16 (land) allottees have been issued letters for giving written assurance regarding completing the incomplete projects by December 31, 2021," an official press note stated.
The board also approved the annual budget of the authority, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore budgted for expenditure for the current fiscal 2020-21.
The expenditures include expenses on land acquisition, development works, repair and maintenance of health and urban infrastructure, village development, miscellaneous expenses, among others, the statement said.
In the budget, the funds have been enhanced from Rs 600 crore to Rs 1,000 crore for land acquisition, and from Rs 106 crore to Rs 125 crore for village development, it added.
The board meeting was chaired by Alok Tandon, commissioner of infrastructure and industrial development, and chairman of three different authorities of Gautam Buddh Nagar.
Noida Authority CEO Ritu Maheshwari, Greater Noida Authority CEO Narendra Bhooshon and Yamuna Expressway Authority CEO Arun Vir Singh, among others, attended the meeting.
Altogether 37 agendas were put forth during the meeting besides 15 proposals for board's approval, it said. The 198th board meeting was held in April.
