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In a significant development for the real estate sector in Noida, the Yamuna Expressway Industrial Development Authority (YEIDA) has issued an occupation certificate to Oasis Grandstand, a condominium situated in Sector 22D, bringing relief to 1,235 homebuyers eagerly awaiting registry for their flats. This move effectively clears the way for the completion of registration formalities and marks a milestone in the resolution of long-standing issues plaguing the real estate market in the region.
Additionally, the Authority has granted approval for the layout of approximately 600 plots within the SDS Infracon township located in Sector 26 A. The township project, initiated by SDS Infracon in 2010, encompasses over 1,400 plots, aiming to create a vibrant residential community in the heart of Noida
Arun Vir Singh, the CEO of the YEIDA, provided insights into the implications of these decisions. The approval of layouts for 586 plot buyers, previously entangled in financial disputes with builders, signifies a crucial step towards enabling homeowners to proceed with construction on their properties. Despite this progress, challenges remain, with registries for over 800 plots within the township still pending resolution.
Looking ahead, the forthcoming board meeting scheduled for March 12 will serve as a platform for deliberations on extending the benefits of the two-year Covid 'zero period' to homebuyers awaiting registry across various residential projects. Officials hinted at potential exemptions from interest or penalty charges, recognizing the financial strain faced by homeowners, exacerbated by additional farmer compensation.
CEO Singh elaborated on the potential implications of the proposed measures, envisioning a scenario where homebuyers are relieved of interest and penal charges upon direct payment of additional compensation and lease rent to the Authority for registry purposes. Furthermore, builders availing themselves of Uttar Pradesh's rehabilitation package for stalled projects will be mandated to extend the 'zero period' benefit, providing much-needed relief to flat buyers burdened by interest and penalty charges incurred between April 2020 and March 2022.
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