900 projects get more time for completion

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, Rajesh Kumar Tyagi, Secretary of the Uttar Pradesh Real Estate Regulatory Authority (UP RERA), said on January 25,

The deadline extension was announced by the Uttar Pradesh Government during the lockdown, but the policy initially covered only those projects that were due in 2020.

However, according to a published report, 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.

“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, said the report.

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