Around 30 real estate developers have come forward to settle their debts under the Uttar Pradesh government’s stuck projects rehabilitation package, according to officials aware of the situation. This indicates that the Greater Noida Industrial Development Authority (GNIDA) has cleared the way for the registration of over 6,500 flats across various projects.
Officials state that the rehabilitation package includes zero periods for developers, during which time interest and penalties are waived; payment of recalculated dues is rescheduled to allow for the earliest execution of registries; and co-developers’ policy is implemented to finish housing projects that are stuck.
According to them, builders can take advantage of waivers on penal interest during the zero period for a period of time between April 1, 2020, and March 31, 2022, in lieu of COVID-19 disruptions to real estate projects, as well as for the time that development was halted due to court rulings.
