In the wake of the COVID-19 pandemic, Noida Authority has extended the deadline for over 15 builders to complete the pending projects by December 31, 2021, under its 'zero period' policy, an official statement said.
The board also gave its nod to the decision of not imposing a penalty on land allottees who could not get their documents executed or take over possession during the lockdown period.
"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. Sixteen (land) allottees have been issued letters for giving written assurance regarding completing the incomplete projects by December 31, 2021," an official release 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. The board meeting was chaired by Alok Tandon, Commissioner of Infrastructure and Industrial Development.
Noida Authority CEO Ritu Maheshwari, Greater Noida Authority CEO Narendra Bhooshon and Yamuna Expressway Authority CEO Arun Vir Singh also attended the meeting.
Altogether 37 agendas were put forth during the meeting besides 15 proposals for board's approval, it said.
According to the "zero period" policy announced last December by the Uttar Pradesh government, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck.
The policy was applicable only 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 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 budgt for expenditure for the current fiscal 2020-21.
Real estate developers have welcomed the move.
"The benefits being provided to 16 developers under zero period is indeed a welcome step. The move will help complete these projects and thus bring relief to thousands of homebuyers who were waiting to receive possession for sometime. This is also likely to improve buyer sentiment in the sector," said Amit Modi, president elect, CREDAI Western UP.