The approval given by the Greater Noida Industrial Development Authority (GNIDA) to zero period policy for builders of stuck housing projects, is set to give a boost to real estate in general and affordable housing in particular.
Under the approved zero period policy, builders of stuck realty projects are exempted from paying penal interest on outstanding land dues for the number of years their projects were either stuck because of delay on part of authorities to handover land or in litigation including the National Green Tribunal (NGT). The GNIDA nod follows Uttar Pradesh government’s approval to zero period policy in December 2019. The policy applies to builders who are set to provide homes to buyers by June 2021
Says Pradeep Aggarwal, Chairman, Assocham National Council on Real estate, Housing & Urban Development and Founder & Chairman, Signature Global, ” GNIDA’s latest policy will provide relief to financially stressed developers and speed up the process of completing and handing over stalled housing projects to customers. And as most of the stuck projects are in affordable category, the new policy move will provide impetus to affordable housing”.