On December 19, the Uttar Pradesh Cabinet endorsed the suggestions of the Amitabh Kant Committee regarding delays in real estate projects, providing relief to numerous anxious homebuyers in the Delhi NCR region who were eagerly anticipating the completion of their homes.
The UP cabinet gave the green light to the proposals put forth by the Amitabh Kant committee, established by the central government to address concerns surrounding obsolete and halted real estate projects.
The primary focus of consideration was twofold: prioritizing the interests of the purchasers, ensuring that homebuyers promptly receive possession and registry of their homes.
Furthermore, the Cabinet sanctioned the implementation of relief termed as the "zero period" for homebuyers. However, it's important to note that this concession is not applicable to commercial, sports, and entertainment projects but encompasses all other project categories. The term "Zero Period" refers to the disruptions faced by real estate projects during the COVID-19 period, spanning from April 2020 to March 2022.
Real estate experts and developers in Noida, Greater Noida, and Ghaziabad expressed approval for the Uttar Pradesh Cabinet's decision to endorse the recommendations of the Amitabh Kant Committee regarding delayed projects. This move is anticipated to benefit 2.4 lakh homebuyers in the NCR region.
Amit Modi, Director of the County Group, highlighted that this decision will be advantageous for all stakeholders, including financial institutions, authorities, national treasuries, and developers. He further emphasized that authorities will receive taxes from the registered homes, contributing to the state treasury, and aiding many developers in achieving positive net profits.