Developers in Noida, Ghaziabad and other parts of Uttar Pradesh have requested for reduction in circle rate, waiver of stamp duty and reduction of various charges levy by the local authority. In a webinar hosted by the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA), the developers have also asked for disbursement of stress fund earlier announced by the central government.
Two apex body of real estate developers the Confederation of Real Estate Developers Association of India (CREDAI) and the National Real Estate Development Council (NAREDCO) attended the webinar and demanded relief for the real estate sector.
“We have requested them to allow one year extension to complete ongoing projects without any changes and also to recall all refund orders and hold any further orders for next one year. Another request was to facilitate disbursement of stress fund of R 25000 Cr to complete projects, which was sanctioned by government 6 months back,” said R K Arora, Supertech Chairman and President Naredco UP.
Developers have also asked for waivers of stamp duty for next one year to create demand in real estate.
“We have told UP-RERA that construction was first halted by NGT ban and then by lockdown and with migration of labourer, resumption is not near. Authority levy interest on various dues, which should be reduced. Also, fund collected from buyer should only be used for completion of project and not paying various dues,” said Manoj Gaur, MD of Noida based Gaurs group.
UP-RERA chairperson Rajive Kumar told that idea was to take feedback and discussion with the government is on about relief measure.
“UPRERA is aware of the severe challenges the real estate sector is facing in the state. The supply chain is broken, there is uncertainty over labour availability and there is a liquidity crunch. UPRERA wants to ensure that homebuyers get their homes on time within these constraints. We had frank and fruitful interaction with UPRERA and are hopeful that the challenges facing the sector will be addressed,” said Pankaj Bajaj, President, CREDAI NCR.
“We have requested UP RERA that the real estate sector of the region require at least one-year extension without penalty to deliver the projects,” said Prashant Tiwari, President, CREDAI Western UP.
