: Nearly 400 developers in Noida and Greater Noida could get some relief with the Uttar Pradesh government considering relaxations in interest, zero-period extension and moratorium on unpaid land premium to offset the losses incurred in lockdown.
On April 9 and May 14, Naredco and Credai, the two active associations of real estate developers, had made a 27-point representation to the state government, seeking exemptions and policy revisions to recover from losses suffered during the lockdown. On May 22, the CEOs of the three development authorities in Gautam Budh Nagar (Noida, GNIDA and YEIDA) had set up a 12-member high-level committee to assess the demands.
The committee assessed 15 policy points and submitted its report on May 26. The government has sounded out a positive response to the recommendations. “We are examining the committee report submitted by the three authorities. We are going to accept their recommendations and offer concessions to the developers. It is important to support industry to keep the wheels turning,” said industrial development minister Satish Mahana.
A source said the committee has commented on 10 of the 15 policy points and sought the government’s consent to amend them. Five others were rejected because they appeared “untenable”, the source added. “Some demands were not feasible and were rejected outright. But others were genuine in the present context and we have sought the government’s approval for revisions on those,” said Shruti, additional CEO of Noida authority, who headed the committee.