Noida Authority Implements Amitabh Kant Committee Recommendations for Real Estate Projects

In a significant move aimed at expediting the completion of stalled real estate projects and providing relief to homebuyers, the Greater Noida Authority's Board has adopted the Uttar Pradesh government's order to implement the recommendations of the Amitabh Kant Committee.

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Impact on Housing Projects and Homebuyers

The decision will have a positive impact on 117 group housing projects and approximately 75,000 homebuyers. Builders will now be eligible for various benefits, including a zero period for project completion, an extension of time for depositing dues, mortgage permission, and the purchase of prevailing FAR. Additionally, flat buyers will benefit from faster registration within three months and other advantages.

Board Meeting and Key Decisions

The decision was made during the 133rd Board meeting of the Greater Noida Industrial Development Authority (GNIDA), chaired by its chairman and UP's Infrastructure and Industrial Development Commissioner, Manoj Kumar Singh. Greater Noida Authority CEO NG Ravi Kumar and Noida Authority CEO Lokesh M were also present as board members.

Conditions and Exclusions

While builders can avail the benefits of the recommendations, they must adhere to the stipulated conditions. The recommendations apply to group housing projects, including commercial components, and township development projects. However, projects under the National Company Law Tribunal (NCLT) or in court can only benefit if the cases are withdrawn. Additionally, these recommendations do not apply to group housing projects in the Sports City Project or those included in the Recreation Entertainment Park Scheme.

Relief for Homebuyers and Project Completion

The GNIDA has announced several reliefs to facilitate the completion of incomplete projects. Builders will be granted a zero period from April 1, 2020, to March 31, 2022, considering the challenges faced during the peak Covid pandemic period. After availing the zero period, builders must deposit 25% of the outstanding amount within 60 days. The remaining 75% can be deposited with simple interest over three years.

Furthermore, co-developers can now be permitted to complete projects, with both parties jointly responsible for paying the outstanding dues to the authority. Partial surrender of unused land within the project will be allowed, and the authority will adjust the amount already paid for the surrendered land against the builder's dues.

The adoption of the Amitabh Kant Committee's recommendations by the Greater Noida Authority is a significant step towards addressing the challenges faced by stalled real estate projects and providing relief to homebuyers. These measures aim to expedite project completion, ensure timely registration of properties, and safeguard the interests of both builders and homebuyers.