The zero period policy of the UP government will help thousands of Noida homebuyers get home possession despite Corona disruption.
Thousands of Noida home buyers have been waiting for years for their home possession. Facing fund crunch developers had left their projects midway, leaving home buyers in the lurch. But now with the successful roll out of the UP government’s Zero Period. Policy, hopes of home buyers have brightened up. Under this policy, builders are exempted from paying penal interest on outstanding land dues . The exemption is applicable to the number of years their projects were stuck. The only adverse impact of the pandemic on this scheme is that homes delivery is extended by six months. Instead of June 2021, the home buyers will now get possession of their homes by December 31, 2021 . About 15 builders and 22000 home buyers will benefit from this scheme.
Says Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” Builders in Noida & Gurgaon in NCR and elsewhere are focusing on project completions in delivery. They have put brakes on new project launches and are putting in their resources to finish their pending projects. This will help them win the confidence of home buyers, improve market sentiment to help boost home sales.