Noida Builders Get 6-Month Extension to Complete Projects
Noida Authority has extended the deadline for over 15 builders to complete the pending projects by December 31, 2021, under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021. The board also gave its nod to the decisi
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Aug 21, 2020 11:11 AM
Noida Authority has extended the deadline for over 15 builders to complete the pending projects by December 31, 2021, under its 'zero period' policy, an official statement said. These builders had earlier assured delivery of homes by the end of June 2021. The board also gave its nod to the decision of not imposing a penalty on land allottees who could not get their documents executed or take over possession during the lockdown period. According to the "zero period" policy announced last December by the Uttar Pradesh government, builders will be exempted from paying penal interest on outstanding land dues for the number of years their projects were stuck. The policy was applicable only to those builders who were expected to provide homes by June 2021. The state government had expected one lakh new housing units to be constructed by that time. The board also approved the annual budget of the authority, which has set a target of Rs 5,037 crore in revenue and Rs 4,640 crore budgt for expenditure for the current fiscal 2020-21.
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