Yamuna Authority could bring an OTS scheme for builders also provide benefits of Zero period policy

New Delhi: The Yamuna Expressway Industrial Development Authority is preparing to give relief to the builders. The authority will come up with an OTS scheme for them, in which builders will be able to deposit their dues with certain relaxations. Along with this, a proposal is being prepared to give the benefit of zero period policy to the builders. The authority will take the proposals related to these two in the board meeting, which will be implemented after the approval of the board. This can provide huge relief to 14 builders who owe a total of Rs 4,757 crore to the authority. At least five housing projects are stuck on the Yamuna Expressway, in which around 3,800 people have bought flats. Of these, allotments in many projects have been canceled and some are stuck in NCLT.

Yamuna Authority officials say that developers may have to make some payment to apply for the OTS scheme. He says that the purpose of this scheme is to ensure that flat buyers also get the benefit of the OTS scheme. An official said that it will also benefit those homebuyers who have been waiting for their flats for a long time. If the builders apply for the OTS scheme, then they will be exempted from penal interest on the outstanding amount. Flat buyers will also get the benefit of this.

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Benefits of zero period policy

Also, the interest charged during the zero period can also be waived. Zero period is the time when construction was halted due to disputes. This happened due to a dispute between the authority and the farmers. A meeting of three industrial development authorities can be held in this regard. Earlier, Industrial Development Commissioner Manoj Kumar Singh had asked for a detailed report on stalled housing projects and dues of developers.