12 Stalled Housing Projects set to restart after NGT Ban Suspension

The 12 group housing projects that benefited from the rehabilitation package policy of the Uttar Pradesh government will be qualified for a two-year second zero period.

On Tuesday, the Noida authority announced that 12 out of 57 housing projects met the technical requirements to be exempt from paying interest on land cost dues during the time that construction was stopped due to a National Green Tribunal ban (NGT).

According to officials, the policy stipulated that the promoter of a housing project seeking Covid-19 interest waivers must settle any outstanding debts before they can apply for NGT waivers.

As per the Uttar Pradesh government policy announced in December 2023, the Noida authority provided interest waivers to housing projects whose construction was interrupted during the Covid-19 pandemic and during the time when the National Green Tribunal ordered the construction to stop.

12 housing project promoters in all have requested NGT waivers. It is now time for us to evaluate their claim. We must confirm if the NGT orders prohibiting construction had an impact on the construction work in these twelve projects. Only projects that meet the policy's eligibility requirements will receive interest waivers, according to Noida Authority Chief Executive Officer Lokesh M.

A chance to request waivers for the Covid-19 period and then pay 25% of the total amount due up front and the remaining amount in installments over a period of one to three years is provided by the state government's policy regarding stalled legacy housing projects.

According to the CEO of the authority, the 12 group housing projects in Noida that benefited from the state government's rehabilitation package policy and paid 25% of their outstanding balances would be qualified for a second zero period lasting two years.