Greater Noida realtors to extend low interest benefits for homebuyers

17 Nov 2021 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.

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