New Delhi:
The board of the Greater Noida Authority on Tuesday implemented the Uttar Pradesh government’s order to implement the recommendations of the Amitabh Kant Committee on real estate projects. The move is aimed at helping buyers get homes sooner and helps builders complete stalled projects. According to officials, the decision will benefit 117 group housing projects and around 75,000 home buyers.
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Along with this the builders will get many other facilities like more time to complete the project, extension of time period to deposit the due amount, permission of mortgage, purchase of existing FAR, benefit of registration of home buyers in three months. This decision was taken during 133rd Board Meeting of Noida Industrial Development Authority (GNIDA) chaired by its Chairman and Uttar Pradesh Infrastructure and Industrial Development Commissioner Manoj Kumar Singh. NG Ravi Kumar, CEO of Greater Noida Authority and Chairman of Noida Authority as members of the Board. CEO Lokesh M. were present.
GNIDA said in a statement that the 133rd board meeting adopted the government order issued on the implementation of the recommendations of the Amitabh Kant Committee. The statement said that the builders will not be able to avail the benefits if the conditions are violated. GNIDA said the committee’s recommendations would be applicable to group housing projects and would also include recommendations on group housing if it involves a commercial component.
Group housing projects can benefit from this package only if the case is withdrawn in NCLT or court.GNIDA said these recommendations will not apply to commercial, institutional and industrial projects.