UP government exempts builders from penal interest if litigation stalls projects

The Uttar Pradesh government on Tuesday decided to excuse builders from penal interest and other dues for the period their project is stalled due to litigation, if they pass on this benefit to the home buyers. The decision to allow a “zero period” benefit to builders was taken at a meeting here of the state cabinet chaired by Chief Minister Yogi Adityanath. The benefit will apply to builders who are set to provide homes to buyers by Jun 2021, Industrial Development Minister Satish Mahana told reporters. The state government expected one lakh new homes to be constructed by that time.