by THO
The Noida authority has started taking measures to offer interest waivers to realtors whose construction work was disrupted due to orders of the National Green Tribunal, officials of the authority said on Thursday. However, this waiver will be given only to those realtors who have paid their land cost dues under a state government policy meant for stalled legacy housing projects, announced last December, they said.
Officials said the authority will be able to offer the “NGT waiver” to those 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, Noida authority.
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After a two-year “zero period” due to the Covid-19 pandemic, the authority will offer additional relief to builders affected by NGT’s orders to halt construction within 10km of the Okhla Bird Sanctuary on a case-to-case basis.
“There may be around 10-12 realtors, out of 57, who may be eligible for NGT waivers. As per the policy, group housing projects within a 10km radius of the Okhla Bird Sanctuary will be considered on a case-to-case basis for becoming eligible for the benefit of a zero period from August 14, 2013, to August 19, 2015, during which constructions were halted on NGT orders,” said another Noida authority official, asking not to be named.
“Zero period” means a time frame for which interest and penal interest will not be charged, and any dues and instalments will be shifted beyond the said period.
Officials said the amount paid earlier by the realtors will not be refunded after the implementation of these provisions.
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The authority in the past offered a zero period to several developers affected by NGT rulings, but those were for shorter periods. It is likely that the zero period duration given in the past will be deducted from the two-year period, said officials.
The Confederation of Real Estate Developers’ Associations of India (CREDAI), a builders’ lobbying group, welcomed the move and said it was a long-pending demand of realtors.
“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,” said Dinesh Gupta, secretary, CREDAI.
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