Developers of nearly 900 projects — incomplete and under-construction — that suffered due to the pandemic will be given an extension of six months for completion, Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) secretary Rajesh Kumar Tyagi said on Monday.
The deadline extension was announced by the state government during the lockdown, but the policy initially covered only those projects that were due in 2020. However, Tyagi said builders of all projects that were under construction on March 26 last year or later will get the benefit, regardless of the scheduled year of completion.
Halt in construction activities across the city — due to the lockdown announced in March last year — led to a mass exodus of labourers. In Gautam Budh Nagar, which is a dense construction hub of realty projects, a few builders managed to retain only around 40,000 workers. Before the pandemic outbreak, the district had around four to five lakh labourers working at construction sites.
As per the later order, the relaxation policy will not just cover projects that were due last year but would have a rollover effect to any project that was under any stage of construction at that time. “The cut-off date is March 25. Any project that was under construction March 26 onwards has been given an extra six months to complete, irrespective of the stage in which the project was at the onset of this policy,” Tyagi said.
Noida and Greater Noida have a huge backlog of apartments with buyers waiting for over 10 years for their flats in projects stuck because of delayed construction. In 2020 alone, Noida and Greater Noida had around 50,000 to 60,000 flats due for delivery. In 2021, nearly 50,000 more units have been added to the tally. The delay is, therefore, likely to affect the buyers’ waiting period.
“We do understand the problems of the promoters at this time, but the buyers too are under severe financial constraints with the pressure of rents and EMIs. Completion of projects should be stressed upon,” Abhishek Kumar, president, Noida Extension Flat Owners Welfare Association (NEFOWA) said.