1. Home
  2. Real Estate
  3. Greater Noida realtors to extend low interest benefits for homebuyers
Greater Noida realtors to extend low interest benefits for homebuyers
Real Estate

Greater Noida realtors to extend low interest benefits for homebuyers

17 Nov 2021 2 Min Read CW Team
Noida and Greater Noida realtors had assured the Supreme Court that the benefits of low interest, fixed by the apex court on delay in payment to Noida authorities, would trickle down to the homebuyers.

Kapil Sibal and Abhishek Manu Singhvi, senior advocates, said that the Noida and Greater Noida authorities had accepted the verdict.

The real estate firms said that Noida and Greater Noida authorities have moved the top court after more than a year and termed it an abuse of the process of law.

The authorities had argued that the court orders would result in an unreasonable benefit to the builders, which would cost the public authorities.

Sibal and Singhvi had assured the court that the benefits would be passed on to the flat purchasers.

They said that the authorities are turning bankrupt due to the court order as baseless. The Noida authorities had made huge profits by allocating lands ten times higher than what was bought from the farmers.

In July 2020, the court directed that the interest on late payment by the companies be linked to the State Bank of India's marginal cost of lending rate (MCLR). The court fixed that interest rate at 8% against the penal interest of over 28% demanded by the Noida authority.

The order came on a plea of Ace Group of Companies that claimed various projects were delayed because of excessive lease rent, penalty and interest charged by the authorities. The authorities had urged the court to recall its order, saying that they could lose nearly Rs 7,500 crore.

As a relief to the Amrapali homebuyers, the court-appointed receiver had told the top court that six banks, including the State Bank of India (SBI), Bank of India, UCO Bank, Bank of Baroda, Punjab and Sindh Bank and the Punjab National Bank had agreed to fund the unfinished housing projects.

Image Source

Also read: Over 1.47 lakh PMAY-G beneficiaries to get Rs 700 cr from PM Modi

Noida and Greater Noida realtors had assured the Supreme Court that the benefits of low interest, fixed by the apex court on delay in payment to Noida authorities, would trickle down to the homebuyers. Kapil Sibal and Abhishek Manu Singhvi, senior advocates, said that the Noida and Greater Noida authorities had accepted the verdict. The real estate firms said that Noida and Greater Noida authorities have moved the top court after more than a year and termed it an abuse of the process of law. The authorities had argued that the court orders would result in an unreasonable benefit to the builders, which would cost the public authorities. Sibal and Singhvi had assured the court that the benefits would be passed on to the flat purchasers. They said that the authorities are turning bankrupt due to the court order as baseless. The Noida authorities had made huge profits by allocating lands ten times higher than what was bought from the farmers. In July 2020, the court directed that the interest on late payment by the companies be linked to the State Bank of India's marginal cost of lending rate (MCLR). The court fixed that interest rate at 8% against the penal interest of over 28% demanded by the Noida authority. The order came on a plea of Ace Group of Companies that claimed various projects were delayed because of excessive lease rent, penalty and interest charged by the authorities. The authorities had urged the court to recall its order, saying that they could lose nearly Rs 7,500 crore. As a relief to the Amrapali homebuyers, the court-appointed receiver had told the top court that six banks, including the State Bank of India (SBI), Bank of India, UCO Bank, Bank of Baroda, Punjab and Sindh Bank and the Punjab National Bank had agreed to fund the unfinished housing projects. Image Source Also read: Over 1.47 lakh PMAY-G beneficiaries to get Rs 700 cr from PM Modi

Next Story
Infrastructure Transport
30 Oct 2024

Railway stations in Prayagraj undergo major passenger facility expansion

The Railway Board Chairman and CEO, Satish Kumar, conducted an extensive inspection on Saturday alongside the General Manager of Northern Railway and the officiating General Manager of North Central Railway. Their visit focused on various ongoing projects at multiple stations across the Northern and North Central Railway zones, with particular attention to enhancing facilities for the upcoming Maha Kumbh. During the inspection, Chairman Kumar reviewed the construction of a vital bridge over the River Ganga, specifically between Jhunsi and Prayagraj Rambagh. This bridge is expected to significa..

Read More
Next Story
Infrastructure Transport
30 Oct 2024

Madurai-Thoothukudi broad gauge line works under review

The construction of the Madurai-Thoothukudi broad gauge line, which includes the crucial Melmarudur-Tiruparankundram project, is currently under careful review. This update comes from Southern Railway's assistant public information officer, J Kumarasubramanian, following an RTI inquiry made by a concerned citizen, Dayanand Krishnan. The new broad gauge line is projected to cover a total length of 143.5 km, with the initial 18 km stretch between Milavittan and Melmarudur completed and sanctioned by the Commission of Railway Safety on March 8, 2022. While substantial progress has been made on t..

Read More
Next Story
Real Estate
30 Oct 2024

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Realty giant DLF is projecting impressive revenue of Rs 26,000 crore from its newly unveiled super-luxury project, The Dahlias, situated in the heart of Gurugram. Ashok Tyagi, the Managing Director of DLF, shared these insights during a recent conference call with market analysts, highlighting the project's potential amidst rising demand for high-end residential properties. The Dahlias project spans an expansive 17 acres and is set to feature approximately 420 ultra-luxury apartments, each boasting a minimum size of 10,300 square feet. This ambitious development has already garnered significan..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Railway stations in Prayagraj undergo major passenger facility expansion
RAILWAYS & METRO RAIL
30 Oct 2024

Railway stations in Prayagraj undergo major passenger facility expansion

Madurai-Thoothukudi broad gauge line works under review
RAILWAYS & METRO RAIL
30 Oct 2024

Madurai-Thoothukudi broad gauge line works under review

DLF expects Rs 26,000 cr from super luxury project in Gurugram
Real Estate
30 Oct 2024

DLF expects Rs 26,000 cr from super luxury project in Gurugram

Vilappilsala mini-township project likely to be scrapped
WATER & WASTE
30 Oct 2024

Vilappilsala mini-township project likely to be scrapped

Jaipur Development Body to expand by 1,000 sq km
ECONOMY & POLICY
30 Oct 2024

Jaipur Development Body to expand by 1,000 sq km

State Cabinet approves Hyderabad Metro Rail phase-2 project
RAILWAYS & METRO RAIL
30 Oct 2024

State Cabinet approves Hyderabad Metro Rail phase-2 project

Focus on metro networks promoting equitable urban mobility
RAILWAYS & METRO RAIL
30 Oct 2024

Focus on metro networks promoting equitable urban mobility

Delhi Metro awards maintenance contract to Beumer India
RAILWAYS & METRO RAIL
30 Oct 2024

Delhi Metro awards maintenance contract to Beumer India

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000