Noida Development Authority: Real estate sector body CREDAI-NCR has requested the development authorities of Noida and Greater Noida to consider the land dues sympathetically. CREDAI said that it is necessary to do this to save real estate businessmen from bankruptcy and to protect the interests of home buyers.
CREDAI-NCR said in a statement that an internal meeting was held with more than 100 real estate developers of Noida and Greater Noida to discuss the issue. In this meeting it was demanded that the officers should work together with each other to come up with a solution plan. So that the builders can get relief. Real estate developers of Noida and Greater Noida have been badly affected after the Supreme Court withdrew its order of 10 June 2020.
In this decision, an interest rate of eight percent was fixed on the arrears of the land given on lease to the builders. After this the development authorities have started sending notices to the builders asking them to pay the remaining amount related to the allotment of land.
Delay in registry of 1.5 lakh houses…
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CREDAI-NCR said that the full implementation of the Supreme Court order by the Noida and Greater Noida authorities could delay the registry of 1.5 lakh houses in these two cities. NCR and realty businessmen can go bankrupt. CREDAI-NCR chairman Manoj Gaur said that after the court order and the response of the authorities, the developer realized that the compound interest rate of 15-23 per cent would push up the due amount too much.
He said, “We are of the view that the final figure will be much higher than the current market rate. In that case, we may have to resort to NCLT.” We have demanded a one-time resolution plan for CREDAI-NCR.
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