The Noida Authority commenced the procedure and necessary actions to confer relaxation to realtors. It is offering interest waiver to developers after their construction work encountered disruption by orders of NGT (National Green Tribunal).
However, the waiver is subject to realization for developers who paid their land cost dues according to State Government policy outlined in December 2023.
The Noida officials informed that the authority will be able to offer the NGT waiver to those developers who paid 25% of the total dues upfront after availing of waivers for the two years of Covid-19.
“We are working out the details of eligible realtors. After completing all formalities the authority will process their applications,” said, Lokesh M, Chief Executive officer, of Noida Authority.
After a two-year zero period, because of the pandemic, the authority will also provide additional relief to developers. It will be a major relief to developers impacted by NGT’s order to pause construction work in a 10km radius of the Okhla bird sanctuary.
Another official of Noida authority, who wished to keep his name undisclosed said, “There may be around 10-12 realtors, out of 57, who may be eligible for NGT waivers. As per the policy, group housing projects for NGT within a 10km radius of the Okhla Bird Sanctuary will be considered on a case-to-case basis for becoming eligible of a zero-period from August 14, 2013 to August 19, 2015, during which construction were halted on NGT orders.”
The timeframe for which interest and penal interest will not be charged is known as zero-period. Also, dues and installments for the same timeframe will be shifted further. The officials also informed that the amount paid by realtors before this period is not refundable after the implementation of this policy.
Earlier to this, the Noida authority sanctioned zero-period for multiple developers affected by the NGT Order. Although, it was for a short duration. According to officials, the earlier conferred zero-period duration might be deducted from this two-year tenure.
CREDAI, the Confederation of Real Estate Developers Association of India, is happy with the move. The body representing developers said it was their long-pending demand. Dinesh Gupta, Secretary, CREDAI said, “It would help developers clear their dues without any hassle as they will get good deductions. The move is expected to fuel the registry of apartments in the name of homebuyers, providing much-needed relief and progress in stalled projects.”
