In accordance with the Amitabh Kant committee’s recommendations, the Noida and Greater Noida Authorities have launched a rehabilitation program for developers of abandoned housing projects within their domains. a step that will enable the registration of apartments in developments that are blocked, according to government officials with knowledge of the situation.
The mandate granted by the Uttar Pradesh government to implement the recommendations of the Kant panel was adopted by both authorities during a combined board meeting, which resulted in the decision to implement the rehabilitation program. In order to solve the problem of stalled housing projects, the Union government established a 14-member panel in March 2023, with Amitabh Kant, the former CEO of NITI Aayog, serving as its chairman.
Both authorities have estimated that there are approximately 2.4 lakh strained housing units in Noida and Greater Noida, out of which approximately 1.2 lakh apartments have not yet been delivered. For the remaining 1.2 lakh units, possession has been granted, but registers have not yet been finalized.
The rehabilitation package
The rehabilitation package will include, according to representatives of the Noida and Greater Noida Authorities, a zero period for developers during which time interest and penalties will be waived, rescheduled payment of recalculated dues to allow for the execution of registries in three months, and the implementation of a co-developers policy to finish housing projects that are stuck.
