Noida Authority Proposes Interest Waivers for Land Plot Defaulters
Noida set to offer waivers to plot defaulters
Hindustan Times
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The Noida Authority plans to offer a 30-40% discount on interest for unpaid land dues owed by realtors and developers. This initiative, pending approval from the Uttar Pradesh government, aims to recover approximately ₹40,000 crore in dues and facilitate property registrations, benefiting thousands of homebuyers affected by payment defaults.
- 01The Noida Authority has accumulated ₹40,000 crore in unpaid land dues from various allottees, including developers and industrial owners.
- 02The proposed scheme aims to address long-standing financial issues and facilitate property registrations that have been stalled due to payment defaults.
- 03Dinesh Gupta, president of the Western Uttar Pradesh chapter of the Confederation of Real Estate Developers Association of India (CREDAI), emphasized the need for interest waivers to help defaulters clear their dues.
- 04The Noida Authority's board approved the interest waiver scheme on April 7, and it is now awaiting the Uttar Pradesh government's approval.
- 05If approved, the scheme could lead to a one-time settlement for defaulters, significantly alleviating the financial burden on them.
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The Noida Authority has proposed a significant initiative to alleviate the financial burden on land plot defaulters by offering a 30-40% discount on accumulated interest for unpaid land dues. This decision comes in response to the mounting issue of approximately ₹40,000 crore in dues owed by developers, industrial plot owners, and other landholders, many of whom have cited financial crises as reasons for their inability to pay. The authority has struggled to recover these dues for over 20 years, leading to the accumulation of compound interest that has made repayment nearly impossible for many defaulters.
Dinesh Gupta, president of the Western Uttar Pradesh chapter of the Confederation of Real Estate Developers Association of India (CREDAI), has advocated for the waivers, stating that they are essential for resolving longstanding financial issues and facilitating property registrations that affect thousands of homebuyers. The Noida Authority's board approved the waiver scheme on April 7, and it has been sent to the Uttar Pradesh government for approval. If the government greenlights the proposal, it could pave the way for a one-time settlement scheme, potentially resolving multiple financial issues for defaulters.
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The proposed interest waivers could enable defaulters to clear their dues, facilitating property registrations and benefiting thousands of homebuyers in Noida.
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