The new exit policy proposed by the authorities of Noida, Yamuna Expressway and Greater Noida to the UP government finally receives consent.
The policy will allow the realtors to submit their property to the authorities in lieu of outstanding dues. Around 25 crores of land dues have been outstanding to the authorities as several developers failed to deliver the project in Noida and Greater Noida. The financial stress not only affected developers but also home buyers who have not received their flats despite making full payments.
The move will be beneficial both for the builders and home buyers. If a developer bought 40 acres of land but could develop only 10 acres of land, then the new policy allows the developer to return 30 acres of land to the authorities in exchange for money. The refunded money he can use on the ongoing project and thereby buyers will have to face no delay.
The exit policy will definitely solve out the sick realty issues.
The exit policy has revived the lost hopes of builders and homebuyers.
A new spring will be seen in the estate sector, if Real Estate Regulatory Authority (RERA) is established this year, it would definitely lead to more accountability and transparency in the industry and improvise the housing and commercial developments in India. RERA India will fill the gaps between potential buyers and sellers and further protect buyers from being exploited.
The RERAConsultants.com is an effort to help people understand the ongoing trends in the real estate sector.