The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has decided to extend the deadline for around 100 projects in Noida, Greater Noida and Yamuna Expressway, including Ghaziabad, by two years, to help the pandemic-hit realty sector.
The decision followed several representations from developers requesting an extension. However, the authority granted the extension on the condition that the developers get the validity of their projects’ maps too extended from their respective authorities.
According to the real estate rules, a developer gets a maximum of seven years to build and deliver a project from the time it gets all necessary approvals. But officials said that the UP-Rera, a quasi-judicial body, had powers to grant an extension under section 8 of the UP-Rera Act.
“In the interest of homebuyers, we have offered an extension of two years for these 100 projects in view of Covid-19 that disrupted work in 2020 and 2021. If any builder needs more than two years, that too can be considered provided they obtain consent from their homebuyers’ association,” said Balvinder Kumar, member of UP-Rera.
Around 200 projects have been delayed across Uttar Pradesh, said the authority officials.
Homebuyers said that the UP government should ensure that their flats are delivered.“The delay has been long and hard. It is high time that the government came forward with a comprehensive policy to address our woes,” said professor Rajesh Sahay, secretary, Noida Federation of Apartment Owners Associations.
Developers also welcomed the move. “The government should also help developers get additional funding to finish the projects in view of the crisis due to Covid-19,” said RK Arora, president of National Real Estate Development Council.