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The Uttar Pradesh government has granted a 14-year 'zero period' waiver to Sunworld City's stalled township project in Noida, Sector 22D. This relief covers penal interest and dues for approximately 20 unacquired acres that YEIDA failed to provide in 2011. The decision aims to reduce Sunworld City's financial burden and revive the project, which faced issues with fragmented land parcels and legal cases. YEIDA is now required to recalculate dues and issue a fresh demand notice, reflecting government efforts to address administrative lapses in stalled real estate projects.
The Uttar Pradesh government has recently granted a significant waiver to a real estate developer. This decision concerns a stalled township project in Sector 22D, Noida, aiming to help developers overcome challenges from administrative lapses and land acquisition issues by approving a 14-year 'zero period' waiver. Advertisement
The Uttar Pradesh government has granted a 14-year 'zero period' waiver to Sunworld City's stalled township project. This relief means that Sunworld City will not have to pay penal interest, extension charges, and related dues for approximately 20 acres of land from 2011 until now.
The waiver was provided because the Yamuna Expressway Industrial Development Authority (YEIDA) failed to acquire these 20 acres before handing over the land to the developer in 2011. The state government has criticized YEIDA for its oversight in not ensuring complete possession of the land.
The Sunworld City project dates back to 2011. YEIDA had set aside 103 acres for the township. However, lease deeds were executed for only 65 acres in 2012, with the remaining 38 acres involved in court cases. Furthermore, nearly 20 acres of the leased land were gram sabha property, which YEIDA did not formally acquire until December 2017. The developer also faced issues with scattered, non-contiguous land parcels, making cohesive development difficult.
These problems led to many homebuyers withdrawing from the project and receiving refunds. Under the new order, YEIDA is required to recalculate Sunworld's outstanding dues with the zero-period benefit and issue a fresh demand notice within one month. Sunworld City had applied for the state government's rehabilitation package for stalled projects and had already paid 25% of the previously calculated dues under a special policy introduced in December 2023. "Zero period" waivers are a mechanism used by governments to provide financial relief to developers for delays beyond their control.
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