Construction Of Stalled Housing Projects In Noida To Gain Pace As Authorities Give Green Signal

Over the years, in Noida and Greater Noida, numerous real estate projects have faced delays and stagnation, affecting countless property buyers. However, recent developments indicate positive news for those invested in these areas. Reports confirm that the Noida and Greater Noida authorities have given their approval for the adoption of the Uttar Pradesh government’s directive to implement the recommendations of the Amitabh Kant committee on legacy-stalled projects. The primary objective of this initiative is to expedite the possession process for homebuyers and assist developers in completing their stalled projects.

According to official reports, the implementation of the Amitabh Kant committee’s recommendations will benefit approximately 117 group housing projects, translating to around 75,000 homebuyers in Greater Noida and 65,000 homebuyers in Noida. Additionally, builders will receive various facilities, including an extended timeline for project completion, an extension for depositing dues, mortgage permissions, the purchase of the prevailing Floor Area Ratio (FAR), and expedited registration for homebuyers within three months.

This decision to implement the scheme was made during the 133rd board meeting of the Greater Noida Industrial Development Authority (GNIDA), chaired by Uttar Pradesh Infrastructure and Industrial Development Commissioner Manoj Kumar Singh. Board members, including GNIDA CEO NG Ravi Kumar and Noida Authority CEO Lokesh M, were present during the meeting. GNIDA issued a statement, noting that the government order concerning the Amitabh Kant Committee’s recommendations has been adopted in the 133rd board meeting. The statement emphasises that builders will only be eligible for benefits if they fulfil the specified conditions.

GNIDA clarified that the committee’s recommendations will apply to group housing projects with commercial components. Notably, for group housing projects involved in legal disputes, the benefits of this package can be availed only if the case is withdrawn. GNIDA explicitly stated that these recommendations will not extend to commercial, institutional, or industrial projects.

This move signals a positive step towards resolving the issues faced by both homebuyers and builders in the Noida and Greater Noida regions, fostering hope for the timely completion and possession of stalled real estate projects.