Uttar Pradesh Eases Registration Process, Bringing Relief to Homebuyers in Noida and Greater Noida

Uttar Pradesh Eases Registration Process, Bringing Relief to Homebuyers in Noida and Greater Noida

Written by Sanjay Kumar

In a major development, the Uttar Pradesh government, led by Chief Minister Yogi Adityanath, has granted approval for the implementation of recommendations from the Amitabh Kant Committee report on real estate projects. The decision, announced on Tuesday (December 19), is expected to provide substantial relief to nearly 2.5 lakh homebuyers in the Noida, Greater Noida, and Yamuna Expressway areas.

During a press briefing in Lucknow, UP Cabinet Minister Suresh Kumar Khanna confirmed the government’s nod to the recommendations, emphasizing the prioritization of homebuyers’ interests. “The cabinet has approved the implementation of the recommendations of a central committee headed by Ex-CEO of Niti Ayog Amitabh Kant,” said Khanna.

Key Approvals by the UP Government:

Immediate Registry and Sub-Lease Deed Rights: Homebuyers will now have the right to immediate possession and registry, addressing a longstanding concern for those awaiting completion of their housing projects.

‘Zero Period’ Benefits: Developers will enjoy the benefits of the ‘zero period,’ exempting them from penalties for delays attributed to the COVID-19 pandemic. This relief period spans from April 1, 2020, to March 31, 2022.

Khanna clarified that these approvals are applicable to residential projects, excluding commercial, sports, or entertainment-related developments.

Relief for Homebuyers in Noida and Greater Noida

The decision is expected to have a positive impact on the NCR real estate landscape, particularly in Noida, Greater Noida, and Yamuna Expressway areas, where an estimated 2.4 to 2.5 lakh housing projects were stalled or unfinished.

Real Estate Experts Laud the Move:

G Hari Babu, National President of NAREDCO, commended the UP government’s decision, stating, “This move not only facilitates home registrations for flat owners but also sends a positive signal to the real estate sector. We are hopeful of many such real estate sector-friendly decisions by the government.”

Sunil Sisodiya, Founder of Geetanjali Homestate, hailed the approval of the ‘zero period’ as a game-changer, offering a lifeline to nearly 2.5 lakh homebuyers. He emphasized that the decision aligns with the sector’s revival, reinforcing the positive impact of regulatory measures like RERA.

Garvit Tiwari, Director & Co-Founder of InfraMantra, sees the approval as a significant shift towards resolving long-standing delays in the real estate sector. He expressed optimism that these measures would build trust and progress in the sector.

The UP government’s proactive approach and alignment with the Amitabh Kant Committee recommendations mark a crucial step in revitalizing the real estate sector, fostering confidence among both homebuyers and developers.

Must Read:-