The committee set up by the Uttar Pradesh Government for helping home buyers in Noida to get possession of their much-delayed homes gets approval then NBCC i.e. the State-run National Building Construction Company is likely to take over delayed projects of several developers in the city.
The Supreme Court has already ordered the Navratna Company to take over the projects of Amrapali group who have turned insolvent. With more than three lakhs home buyer awaiting the possession of their home got relief as the committee headed by Housing Secretary DK Mishra is checking the construction progress of all delayed projects and also suggest other developers to take over the projects which are stuck due to any reasons.
The committee submitted their report to the Supreme Court a few days back in which they have also advised the Noida and Greater Noida authorities to take over unused land where nothing has happened in the name of construction work.
The committee also suggested the Project Settlement Policy [PSP] of 2016 which is launched again with few amendments. This policy was announced six months ago to control the issue when the farmer agitation led to delay in commencement of several housing projects.
According to this policy, the developers/realtors who are yet to start construction of their project can surrender that particular land parcel by exiting the housing project. In order to increase the speed of construction work, the builders were offered with interest waivers.
But now the committee seeks written undertaking from the developers/builders to complete the project construction in a timely manner in order to avail incentives offered under the scheme which can be stopped from sanctioning if the developer fails to complete project construction within the given time limit.