NOIDA: Approved by the state cabinet on Tuesday, recommendations of the Amitabh Kant committee to revive stalled real estate projects will not be implemented directly, but through the formulation of a policy, officials said onWednesday, indicating the resumption of registries in the city will have to wait till then.
Any policy formulation has to be placed before the boards of the three authorities in Noida, which then go to the state government for approval.
While the zero-period waiver of 46 months has been defined, based on which each authority can recalculate the dues of developers, the policy is essential for a roadmap to start registries as soon as possible.
The CEOs of both the Noida and Greater Noida authorities said they were awaiting further instructions from the government on how to proceed with the rollout of relief measures to realtors and homebuyers.
Of the 2.4 lakh stressed housing units that the Kant committee said it would bring relief to, nearly 2.3 lakh are in Noida and Greater Noida.
Of these 2.3 lakh flats, around 1.1 lakh are yet to be registered because of the deadlock between realtors and the development authorities over land dues. The rest are incomplete flats, for which the Kant committee suggested a completion roadmap that would be drawn up by Rera.
Noida Authority CEO Lokesh M said, "We know that the state government has approved the expert committee's recommendations, but further clarity is required. Only after receiving the order will the authorities move in that direction and implement it."
Greater Noida authority CEO Ravi Kumar NG said, "The government order will contain detailed information about implementation of the recommendations. After receiving the information, we will decide. A comprehensive policy might need to be formulated and approved by the board."
Experts said several technical issues need to be addressed for each recommendation to be implemented. For instance, what should be the criteria for zero-period waivers for projects allotted land between 2009 and 2011 whose delivery deadline was before 2020? These will be certainly eligible for the 22-month waiver (Aug 1, 2013 to Jun 30, 2015) because of NGT orders that halted construction. But will they also be entitled to the next zero period (March 2020-March 2022), which was after their original delivery deadline?
The authorities also have to work out a resolution that ensures the benefits extended to realtors in the form of zero-period waivers are passed on to homebuyers by enabling registries.
Builders collectively owe Rs 47,000 crore to the three authorities. Out of this, the Noida Authority has to collect Rs 28,000 crore, the Greater Noida authority Rs 14,079 crore and the Yamuna Expressway authority Rs 4,800 crore.
English (US) ·