Noida: Builders get extension of deadline to complete projects

noida: In a bid to provide relief to thousands of homebuyers, the Noida Authority has extended the deadline for over 15 builders to complete the pending projects by December 31, 2021, under its 'zero period' policy. Officials said that the move is expected to benefit around 22 thousand home buyers who were waiting to receive possession for their homes.

According to the "zero period" policy which was announced last December by the UP government, the builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck only if they provide homes by June 2021. The decision was taken to meet state government's decision to complete construction of one lakh units during the period.

"These builders had earlier assured delivery of homes by the end of June 2021 but in the wake of Covid pandemic, the Noida authority board has given 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," said a senior official.

While around 39 builders/developers have applied for the zero period policy, the authority has given approval to only 13 builders. "Only those developers who have given written assurance to complete their pending projects by December 31, 2021, have been given an extension of six months from June 30, 2021, as part of the zero period policy," the official added.

The 16 builders included logix infrastructure private limited, logix city developers private limited, logix Infratech private limited, Ajnara India limited, I V County private limited, RG residency, Sikka Infrastructure among others.