Noida authority to decide on accepting builders' dues at lower interest rate on April 9

Noida authority to decide on accepting builders’ dues at lower interest rate on April 9

NOIDA: At its board meeting on April 9, the Noida Authority will put forth a proposal on accepting dues at a lower interest rate from developers to clear the logjam over registries.

The developers will, however, be asked to give an affidavit declaring they will abide by the Supreme Court’s final decision on the matter, officials said.

Following a meeting of the UP chief secretary that took place last month, a midway formula was suggested under which developers would be given an option to make the payments as per the State Bank of India’s marginal cost lending rate (MCLR) or 8.50% simple interest.

The option that will be brought on the table will be to take an undertaking from realtors that the final payment amount will be decided as per the directions of the Supreme Court on the matter, officials said.

According to an estimate prepared by the developers, more than 50,000 buyers are waiting to get their properties registered in the district.

Moreover, among other matters that will be taken up before the board and which relate to the buyers is the proposal of developers from Sector 79. Having formed a consortium, a group of developers has agreed to develop a certain number of sports facilities that were envisaged as per the original plan of the Sector 79 Sports City layout.