Yamuna Expressway Industrial Development Authority (YEIDA) will hold the meeting in Noida on tomorrow formally authorised the Project Settlement Policy (PSP). The PSP is expected to rescue sick realty projects in the area. The board meeting agenda has a zero period for builders.
The Project Settlement Policy has already been adopted by Noida and Greater Noida authorities in last month. The policy is focused on helping thousands of home buyers, rather than the builders. It plans to address issues concerning the realty sector, including delayed and sick projects.
Yamuna Expressway Industrial Development Authority will also approve the implementation of zero period for realty projects, which had been delayed in the Greater Noida (west) area, following a 2013 National Green Tribunal order. Realtors have been demanding that the period during which work on the sites was stopped be declared as ‘zero period’.
This decision will surely benefit the realtors of the area on whom huge fines in terms of interest were imposed.