UP govt resolving issues of housing projects which hit bottlenecks

01 Jul 2021

Uttar Pradesh state minister Satish Mahana told the media that the government is trying to resolve stalled projects issues in Noida and Greater Noida to protect the interest of homebuyers who did not get possession of their houses.

The state government has received various suggestions for resolving the issues, according to the infrastructure and industrial development minister, and those are being looked into to protect the interests of homebuyers.

Many builders, including Amrapali, Jaypee Infratech, and Unitech, have failed to deliver their projects in Noida and Greater Noida, causing significant distress to thousands of homebuyers whose investments have been stalled for over a decade.

Infrastructure and Industrial Development Commissioner Sanjiv Kumar Mittal said the Greater Noida Authority reduced transfer charges by 50% at its last board meeting, and the Yamuna Authority has also reduced.

In the case of Jaypee Infratech, which has stranded over 20,000 buyers, the Mumbai-based Suraksha group recently received approval from financial creditors and homebuyers to take over the debt-ridden real estate firm.

After receiving all regulatory approvals to acquire Jaypee Infratech, the Suraksha group has promised to complete the flats in 42 months.

Amrapali has hired NBCC as a project management consultant to complete more than 20 projects.

The minister said that huge investments are coming to the state's electronics manufacturing, including Samsung's display unit.

Samsung has completed the construction of its display manufacturing unit in Noida, which was relocated from China.

All industrial development authorities have been directed to provide land to mega and above category industries within 15 days of receiving an application, and three companies have benefited so far from this preferential allotment system: Hiranandani Group, Adani Group, and Microsoft.

The state is providing fast-track incentives to new industrial units in the Poorvanchal, Madhyanchal, and Bundelkhand regions to create growth centres. In addition, under the post-Covid-19 Accelerated Investment Promotion Policy for Backward Regions 2020, investment applications worth Rs 1,400 crore with potential employment of 977 have been received.

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