Homebuyers in Uttar Pradesh struggling with stalled housing projects may soon see a glimmer of hope. The state chapter of the National Real Estate Developers Council (Naredco) has issued a plea to the central government, requesting their intervention in expediting the completion of these projects. This move aims to address the anxieties and financial burdens faced by homebuyers who have invested in properties that remain unfinished.
Naredco’s appeal sheds light on the complex challenges hindering developers and consequently impacting project timelines. Bureaucratic red tape, delays in obtaining necessary approvals, and ongoing land acquisition disputes are cited as major roadblocks. The association further emphasizes the crippling financial impact of the COVID-19 pandemic on developers’ resources.
To break this logjam, Naredco proposes a collaborative approach. They urge the central government to direct the Uttar Pradesh administration to implement specific measures that would alleviate the pressure on developers. These measures include a time extension for project completion without incurring penalties, flexible payment structures for land dues, and permission for the registration and sale of sub-leases in completed residential towers. This flexibility, Naredco argues, would incentivize developers to resume stalled projects and unlock much-needed progress, finally giving homebuyers a clear path towards owning their dream homes.
The central government’s response to Naredco’s appeal remains to be seen. However, this initiative highlights the urgent need for a multi-pronged approach to resolve the issue of stalled housing projects in Uttar Pradesh. By fostering cooperation between developers, authorities, and homebuyers, a solution can be reached that protects the interests of all stakeholders and ensures timely project completion.
