Lawstreet Journal

Uttar Pradesh Provides Six More Months to Developers and Home Buyers to Deliver Flats; COVID- 19 Relief in NCR

Lawstreet Journal 9 Jul 2020 7:52pm

Image courtesy: Lawstreet Journal Executive Uttar Pradesh Provides Six More Months to Developers and Home Buyers to Deliver Flats; COVID- 19 Relief in NCR

Amidst the Coronavirus pandemic, the Uttar Pradesh Government offered a major relief to the home buyers as well as developers of group housing projects in the National Capital Region (NCR) by extending the deadline for completing projects by around 18 months, to 31 December 2021. 

The previous limit, consisting of more than 1,00,000 housing units in Noida, Greater Noida and Yamuna Expressway, given to these projects by the Uttar Pradesh Cabinet in December 2019 has expired on 30 June 2020. 

Following the pan-India lockdown in March 2020, due to the coronavirus pandemic, work on housing projects had stalled in the NCR, and developers requested the State to extend the deadline beyond June 2020 in the interest of both the home buyers and the builders. 

The developers demanded additional time so that they could complete their projects while taking benefits of the 'interest waiver' policy. Conceding their demands and accepting the ground realities, the Yogi Adityanath Cabinet by Circulation agreed to extend the window of completion to 31 December 2021. 

This would provide much-needed relief for the developers to complete their projects without the specter of a default on the deadline, otherwise allowing the respective development authorities to cancel the lease of land and take over the projects in extreme cases, leaving both the builders and the buyers in a lurch. 

Meanwhile, the government has also provided for a six-month window for obtaining completion certificates for group housing projects without any penalty. According to NCR-based real estate consultant Venkat Rao, the value of housing projects pending… Continue Reading...

Tagged: Lockdown  
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