Just 14 Builders Submit The Advance For UP Government’s Rehabilitation Package

UP government’s efforts to provide rehabilitation packages to builders do not see much results as developers of only 14 out of the 57 projects that are in this city are located in the state. This is the result that the government has been seeing in this endeavor for the past three months. This package was the brainchild of a panel that had bureaucrat Amitabh Kant as its head, and it was announced by the panel last year in December.

The government found out that a total of 57 projects in the city were not able to pay their dues. These 57 projects had a huge number of flats constituted in them. Thirty-two thousand four hundred fifty-three to be precise. These flats had already been given to their buyers but were yet to be registered.

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Over half of these 57 developers had agreed to this deal with the government. That means a total of 13639 projects were covered under the government rehabilitation package deal with the builders. However, at present only 14 of them have given 25 percent of their dues which were calculated again to the authority. Submitting these 25 percent of their dues was the step that would start the process of getting zero period waivers on the interest accumulated by the buyers as a penalty for the duration of the two years which were troubled due to the Covid-19 pandemic.

Authority Chief Executive Officer Lokesh M said that the remaining builders who said yes to the deal were thinking about giving their advance in the new financial year. Therefore, this new financial year, starting in April, would most likely bring good news to the government on this front. The CEO also added that they were constantly talking to these builders and trying to persuade them to deposit the advance as soon as possible so that they could get the benefits of the rehabilitation package.

There has been a delay in the process of registering flats, which has angered the residents, who have even threatened not to participate in the much-awaited upcoming Lok Sabha elections if this process is not completed at the earliest.

The government is working on this front by organizing camps at different housing societies in different sectors of the city to register these houses and complete this task.