The directions came after the regulator witnessed that many of the promoters were not filing the QPRs of their projects in time and some of them filed the subsequent QPRs without filing the pending ones.
As one of the key Budget 2024 expectation, developers also want some provisions made to reduce the interest rates on project finance and that construction materials be clubbed in a lower bracket of the goods and services tax (GST).
The recommendations comprise a slew of relaxations for developers, including a zero-period to waive interest and penalties imposed for financial default, officials aware of the matter said
Saya Group has delivered 5.37 million square feet of residential spaces. It is also developing Saya Status Mall, which is touted as India’s tallest mall having 1.4 million sq ft area, adjacent to the Noida-Greater Expressway
Rera in Uttar Pradesh is taking steps to address delays in stuck projects. Rera will conduct separate meetings with builders, buyers, and banks to expedite these projects. There are 18 stalled projects in the state, with a total of 10,000 housing units, that are supposed to be completed under Rera s rehabilitation clause.