Good news for homebuyers! Relief for nearly 2.5 lakhs as UP eases steps to register stuck flats in Noida, Greater Noida

livemint.com:

Yogi Adityanath-led govt on Tuesday approved the implementation of recommendations from the Amitabh Kant Committee report on real estate projects. Two major points of the committee’s recommendations that were considered are - homebuyers must get possession and registry immediately. "The cabinet has approved the implementation of the recommendations of a central committee headed by Ex CEO of Niti Ayog Amitabh Kant," UP cabinet minister Suresh Kumar Khanna said during a press briefing in Lucknow, PTI reported.

"For this, two main points were considered that buyers interest was taken into account. Those who have bought homes should get its possession and registry immediately," he said, as quoted by PTI However, these approvals do not apply to commercial, sports, or entertainment projects but to all others, the minister further added. -Immediate registry and sub-lease deed rights to homebuyers.

-Benefits of 'zero period' to developers in terms of penalties for a delay during COVID-19 from April 1, 2020, to March 31, 2022. The decision will likely help a large section of home buyers in Noida, Greater Noida, and Yamuna expressway areas, where industry experts put the number of stalled and unfinished housing projects between 2.4 to .5 lakhs "The UP Government's commendable decision to waive interest on the zero period for real estate projects is a significant boon for 2.40 lakh NCR home buyers. This move not only facilitates home registrations for flat owners but also sends a positive signal to the real estate sector.