Noida, Greater Noida Authorities clear rehabilitation package for stalled projects

The Noida and Greater Noida Authorities have approved a rehabilitation package for developers of stalled housing projects in their regions based on the recommendations of the Amitabh Kant committee. This move is expected to facilitate the registration of flats in projects that were previously stuck. The decision to implement the rehabilitation package was made during a joint board meeting of both authorities, following the mandate issued by the Uttar Pradesh government regarding the recommendations of the Kant panel.

Key features of the rehabilitation package include

• Zero Period for Developers: Penalties and interest will be waived during this period, allowing for the rescheduling of recalculated dues. The objective is to enable the execution of registries within three months.
• Co-Developers Policy: This policy will be implemented to aid in the completion of stalled housing projects.
• Occupancy Certificates (OC) and Completion Certificates (CC): The package will facilitate the grant of OC and CC from the authorities after the payment of 25% of dues following the zero period.
• Time Extension: Realtors will be granted three years of free time extension to complete projects.
• Mortgage Permissions: Developers will be allowed to mortgage a portion of unused land or unsold inventory to source funds from the market.

The zero period will be offered in two installments- a two-year zero period for the period between April 1, 2020, and March 31, 2022, due to COVID-19 disruptions, and a conditional waiver for another 22 months (2013-2015) on a case-to-case basis for projects halted by the National Green Tribunal.

The authorities plan to initiate inspections of residential projects in their respective areas, gather information on unregistered flats, and complete the recalculation of dues within a month. The goal is to start the registration of flats within three months, particularly for families residing without occupancy certificates. Independent Chartered Accountants (CAs) will be engaged for this process.