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Builders in Noida, Gr Noida seek one-time settlement scheme for land dues, fearing bankruptcy

Representatives of realtors' bodies CREDAI and NAREDCO met RituMaheshwari, the CEO of Noida and Greater Noida development authorities and demanded a one-time settlement scheme to clear their land dues citing liquidity crunch. Last month, the Supreme Court recalled its order of June 10, 2020, which had capped the rate of interest at 8 per cent on the dues for land given on lease to different builders. The apex court order is a setback for builders of Noida and Greater Noida in Uttar Pradesh (UP).

 

NAREDCO-Uttar Pradesh President R K Arora said the developers have been able to convince the authorities that in the absence of an effective resolution to the problem, possession of flats to about 1.5 lakh home buyers, a significant amount of land dues of the authorities and investment of a large number of banks and financial institutions all are at stake.

 

In the representation, NAREDCO's Uttar Pradesh has pointed out that the real estate sector has been ailing for some time due to unprecedented developments like stay orders from various courts, NGT and lockdown due to COVID-19.

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