New scheme for Noida builders, homebuyers on the anvil

Noida, Greater Noida and Yamuna Expressway authorities are considering a proposal to come up with a new scheme to give relief to homebuyers and developers builders are not able to deliver flats on time, due to financial crisis.

In May this year, the three authorities had proposed an ‘exit policy’ to make way for builders to return undeveloped land to the government. But the state Government has not approved of the plan so far.

 “We are working out a comprehensive policy and the ‘exit policy’ will be a part of it. The objective of the comprehensive policy will be to revive sick realty projects and also benefit property buyers, who have bought flats and are unable to get possession.” said Sanjay Aggarwal, chairman of the three authorities.

Aggarwal discussed the modalities of the proposed comprehensive policy with officials of the three authorities on Monday. Deepak Agarwal, CEO, Greater Noida Authority and PK Aggarwal, CEO, Noida authority, along with other senior officials, discussed the policy framework at the meeting.

In the next 15 days the three authorities will finalise a draft of the proposed comprehensive policy after detailed discussions.

The exit policy for builders is expected to address the issue of delayed completion of housing projects that has been affecting homebuyers. The policy when approved would help revive stalled housing projects.