Close scrutiny against builders in Noida who accrued double benefits during ‘zero period’

Close scrutiny against builders in Noida who accrued double benefits during ‘zero period’
08/05/2018 , by , in News/Views

A close scrutiny of all applicants of the zero period benefits is in progress at the Yamuna Expressway Industrial Development Authority (YEIDA) to weed out any builder who may have continued to build during an official stoppage of construction by court orders due to land acquisition disputes during 2011-2012. The builders of the city, however, feel such a step is unfair as they have suffered from financial uncertainties during the period.

Any builder who may have continued his construction during the period will not be allowed the benefits of the zero period, said YEIDA officials. At YEIDA, a probe is in progress to check builders who have presented their projects for completion during the period or soon after it.

“It is simple logic that if you are presenting a project for completion certification during or soon after the zero period, then construction was in progress during the ban period. How can interest waiver on payments be allowed for that period? You may have either completely stopped work during zero period, or just continued to build and in the latter case, zero period financial benefits in terms of interest waiver will not be applicable,” CEO, YEIDA, Arun Vir Singh told media.

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