Noida News: On Tuesday, the Uttar Pradesh government announced significant relief for homebuyers in the NCR, Greater NOIDA, and NOIDA areas. According to Suresh Kumar Khanna, the minister of finance and parliamentary affairs for Uttar Pradesh, the UP cabinet approved the implementation of the committee’s recommendations on legacy-stalled real estate projects, which were made by Amitabh Kant, the former CEO of Niti Ayog. The meeting took place on Tuesday.
Indian Bank Association Report
A report published by the Indian Bank Association claims that 4.12 lakh houses nationwide remain unfinished as a result of developers’ dire financial circumstances. The interests of home buyers will be safeguarded by putting the Kant committee’s recommendation into practice, even though 2.40 lakh houses are located in the NCR region. The construction companies will be able to finish the housing projects on time, which will boost the state’s economy.
Buyer Relief Measures
Relief will be provided to buyers whose homes in the NOIDA and Greater NOIDA regions are unfinished or for whom possession was not possible. After purchasing real estate, buyers should register it or complete the sublease agreement right away. According to Khanna, there will be no interest paid for the zero period that runs from April 1, 2020, to March 31, 2022, during the pandemic.
Amitabh Kant Committee
The central government established the Amitabh Kant committee in 2023 to look into real estate projects that had stalled and make recommendations for how to get them back on track. According to the Indian Bank Association’s report, sixty percent of the projects that have been put on hold have already been purchased with a ₹1.9 lakh crore capital commitment.
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER
