Ghaziabad News: The UP Cabinet’s decision will be a huge relief to about 15,000 Ghaziabad flat buyers who have been distressed by the ongoing disputes surrounding housing projects. Now that 20 to 25 projects in the city are finished, purchasers will be able to purchase their residences. In addition, declaring an interest exemption and treating the first two years of the Corona period as a zero period will be extremely advantageous to builders. According to CREDAI officials, the cabinet’s decision will put an end to the issues facing both buyers and builders.
Initiation of Projects during the Corona Period
About twenty to twenty-five projects were initiated in Ghaziabad during the Corona period, but they were abandoned because of the unfavourable economic climate. Not only that, but by adding interest to the builders’ fixed liabilities, the authorities had exacerbated the issues even more. This prevented the projects from being able to be restarted. In order to address the issues facing builders and flat purchasers, the UP government has chosen to put the committee’s recommendations into practice, which was chaired by the former CEO of NITI Aayog, Amitabh Kant. With this decision, purchasers who have paid the entire deposit will now receive their apartments and can complete their registration.
Resolution for Flat Owners with Unregistered Units
The issue will now be resolved in favour of flat owners who are bothered by unregistered units. Considering the two-year Corona transition period as a zero period, obtaining an exemption will also help builders by lessening their financial burden and enabling them to finish their projects. But according to GDA officials, the cabinet makes the final decision before the government issues an order. What instructions have been given to the authorities, builders, and buyers won’t be evident until the government order is issued.
Direct Benefits for NCR Home Buyers
According to Manoj Gaur, the CMD of Gaur Group and Chairman of CREDAI NCR, 2.40 lakh NCR residents who are home buyers will directly benefit from this decision. The government is aware of the issues facing the industry and has moved to address them; this will not only ease financial strain but also support the real estate market.
Boost in Customer Confidence
Customers will feel more confident as a result, and they will start making investments. According to CREDAI NCR Secretary Gaurav Gupta, the government’s action serves the interests of thousands of people. Homebuyers had issues for a long time as a result of non-registration. In this case, this choice will not only benefit the populace but also increase the real estate industry’s dependability.
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