Noida: Booster dose to real estate sector, up to 54 percent rebate to defaulting builders from 2 years zero per

By Bricksnwall | 2024-01-11

Noida real estate sector has received a booster dose. Yogi Adityanath government took the decision on Amitabh Kant's report. There is a plan to provide the benefit of zero period for two years to the builders to pay the dues. This scheme will help in restarting the stalled works in housing society projects.

• Highlights UP Cabinet has decided on the recommendations of Amitabh Kant Committee,
• Builders who deposit the dues will get three years to complete the construction.
• Defaulting builders will have to deposit 25 percent of the amount within 60 days.

Noida: The Yogi Cabinet of Uttar Pradesh has taken a decision on the recommendations of the Amitabh Kant Committee of the Centre, which has given a big relief to the real estate sector. As per this mandate, Noida Authority has taken census of 57 group homes. All these group homes will get the benefit of two years of zero period. Apart from this, a zero period of two years is also proposed to be affected by the NGT order. Now do the calculations and the builder will get a discount of 20 to 21 percent if he comes forward to deposit the dues. Also, this exemption becomes higher in some projects affected by the NGT order.

Builders are getting 20 to 54 percent discount depending on time, NGT effect and dues. Apart from this, additional time of three years will also be available for construction.

Flat buyers will avail this benefit. The construction will be completed on time and the flat registry stuck due to dues will also start. Noida Authority has met the defaulting builders twice. Dues have also been mentioned. Now payment will have to be made by 31 December 2023. Earlier, many builders had to be given extra time for construction, which was not taken. Therefore, the time overrun charge is newly estimated. The Group Housing Department is doing this calculation.

Officials said the count would be completed today. During this period, if any builder comes to pay the dues, his signature will be on the package. 6 builders have raised some questions on their calculations, so new calculations are also being done. This will be completed by today afternoon also.

In the government order issued after the Cabinet's decision on group housing dues of less than Rs 5 crore, it has been made clear that relief on dues will be given only to those builders who come forward to deposit it. 25 percent money will have to be deposited in 60 days. Therefore, small defaulters will start coming soon. If we talk about small defaulting builders of Noida Authority, the dues in seven group houses are less than Rs 5 crore.

Zero dues on the application of two defaulters

The calculations revealed that defaulting builders of two group housing projects can apply for zero period benefit for two years. There is a plot in Sector-61. The builder had made the payment earlier, but the settlement was not done yet. There is also a joint housing project in Sector-78. NGT is looking into it. The outstanding of the plot is Rs 1 crore 63 lakh. If the builder gets benefit from NGT and Covid zero period, the dues will be zero.

54% off products

A plot of group housing in Sector-168, on which the first dues of the authority were Rs 14 crore 36 lakh. If the builder takes advantage of the two-year zero period, the amount will be reduced by Rs 7 crore 77 lakh, a reduction of 54 percent. Similarly, there was an outstanding of Rs 86 lakh on a group housing project in Sector-77. This will save Rs 33 lakh in the zero period of two years.

There will be no exemption from lease rent

There is also lease rent in the authority of each plot. There will be no exemption from lease rent during the zero period, but there will be exemption from interest. Many builders give a lot of lease rent at one go. Many builders pay the dues in installments.