Noida offers ₹250-cr Covid-19 related sops to realtors

16 real estate developers in Noida who have failed to finish projects in time due to the COVID-19 pandemic will be offered sops worth over ₹250 crore. The Noida Authority will forgo penalty from these delayed projects under the time extension policy and it will benefit more than 22,000 buyers who have been waiting to get possession of their dream homes. Of those who had applied for exemption under the policy, 16 developers, including the Supertech group have been found eligible, and the authority will dole out benefits for them. On average, a developer will get a rebate of ₹16.46 crore over their dues and should be in a position to pass on the benefits to 22,064 buyers. Builders will need to complete these projects and hand over flats by December 31, 2021. Rajesh Kumar, OSD to Noida Authority informed that in case they don't finish the project by then, the exemption will be rolled back and the amount will be recovered. The UP government had floated the zero-period policy in December last year and asked the Noida Authority to identify projects that got stuck due to regulatory roadblocks. About 39 developers applied for it of which pleas of 16 developers were found genuine. The Authority will not levy time-extension charges for a period of 18 months to 24 months on these developers.