Govt panel on hiccups in Noida’s exit policy for builders

GREATER NOIDA: The state government has formed a committee, headed by Greater Noida Authority chairperson Rahul Bhatnagar, to deal with issues related to the Uttar Pradesh's Project Settlement Policy (PSP).

The move comes following the Noida Authority's proposal in July 2017 to extend the deadline for builders, opting for the policy, to submit their applications. Earlier, the deadline was June 15.

The committee also includes CEOs of Noida, Greater Noida and Yamuna Expressway authorities as its members.

According to officials, an order dated August 14, 2017, from UP principal secretary(industries) Alok Sinha has been circulated in the three authorities. "This committee will examine all issues related with the PSP, including extension of the policy date, amendments to the policy, if any, etc.," said Debashish Panda, CEO, Greater Noida Authority.

"Also, reducing the upfront payment plan, part surrender of land, financial plan for co-developers, forfeiture in a part land surrender deal and all such matters — which need clarification by builders participating in the PSP — will be addressed by the committee," Panda explained.

The UP government had approved this policy on December 15, 2016, to resolve multiple issues faced by builders and homebuyers. It is aimed at helping thousands of buyers get possession of their homes, besides allowing the three authorities to recover their land dues amounting to nearly Rs 30,000 crore.

While some realtors under the PSP have opted to return the land and exit from projects that have been stuck for long, some have opted for a rescheduled payment plan by paying 25% of their outstanding dues. Many others have come up with a co-developer who would help them finish their incomplete projects.

"Under the part land surrender plan, many clarifications have been sought regarding legal rights of co-developers, forfeiture of land and penal interest," said the CEO. "Each issue will be examined in details before arriving at a conclusion. Each clarification has to be submitted to the government in two weeks, i.e. by August 28," he added.

Source- TOI