LUCKNOW: The Yogi Adityanath cabinet on Tuesday approved a Rs 2,682 crore metro rail project connecting Noida and Greater Noida, and awarded ‘zero period’ benefits to builders in Uttar Pradesh.
Industrial Development Minister Satish Mahana said the 14.95-km-long line would take three years to build and would connect Noida Sector 71 to Greater Noida Knowledge Park. The Noida and Greater Noida authorities would pay for the part falling in their jurisdiction.
The new rail link is expected to connect the densely populated areas of Gaur City and Noida Extension to the Aqua Line and the adjoining Blue Line metro network, which connects Noida with Delhi. Mahana said that the project was expected to be completed in the next three years.
The decision to provide ‘zero period’ benefit will come as a major relief to builders as they would be exempted from shelling out penal interest and other dues for the period their project is stalled due to litigation, National Green Tribunal directions or a delayed deed execution, if they pass on this benefit to homebuyers.
As per Industrial Development Minister Satish Mahana, the decision will apply to builders who are set to provide homes to buyers by June 2021. The minister claimed that the decision would protect the interests of homebuyers as well.
It was based on the recommendations of various committees and the UP Real Estate Regulatory Authority, he added. The ‘zero period’ policy, as it is known, will also apply if a builder cannot start the project due to the absence of an approach road or the local authority’s failure to acquire land in time, said Mahana.