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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
In a letter to Union Finance Minister Nirmala Sitharaman, NAREDCO has sought other budgetary relaxations, including allowing input tax credit under GST
Homebuyers in Bengaluru say there have been many instances of promoters or servicing companies not returning the maintenance deposit they have taken from the homebuyers
The package would include reschedulement and zero-period policies to waive interest and penalties imposed for financial default, among others to enable the completion of stalled projects
"Total original cost of implementation of the 1,788 projects was Rs 24,78,446.60 crore, and their anticipated completion cost is likely to be Rs 29,09,526.63 crore, which reflects overall cost overruns of Rs 4,31,080.03 crore (17.39 per cent of original cost)," the ministry's latest report for October 2023 said. According to the report, the expenditure incurred on these projects till October 2023 was Rs 15,27,102.91 crore, which is 52.49 per cent of the anticipated cost of the projects.