Builder’s organization terms three year zero period indispensable for delivery of flats in the region

(23/10/2017) Greater Noida :

Weeks after high level ministerial committee had conducted meetings with builders and buyers and have allocated a time frame of three months for delivery of 50 thousand flats, the proposal seems to have met another roadblock.

Builders organizations CREDAI has requested government to grant three year zero period to the affected builders in order to enable them in completing the stuck projects. CREDAI has said that due to Noida extension case and NGT regulations the projects in the region were stuck for three years. No construction could be done in all this time and hence builders must be given benefit of the same by terming it as the Zero period.

However this isn’t the first time when this demand has been made by the builder lobby. Authorities have categorically denied any such relief to builders in the past. The financial status of Noida and Greater Noida authority isn’t very favourable to summit to any such demand. As per an estimate, builders owe over 25 thousand crore to authorities. The time for which zero periods is being demanded may give authority many hundred crores just in interest.

Buyers again the biggest looser:

The buyers, who have become hopeful after direct interference of the top ministers in resolving this deadlock, may now have to wait more. The builder fraternity has expressed inability to honour December time frame of delivery of 50k flats, if zero period demand isn’t met.

If by any chance even the zero period demand is granted, the paper work for the same will also take time and December delivery of 50 thousand flats now looks to be another promise which will remain unfulfilled.