Greater Noida realtors to extend low interest benefits for homebuyers
Real Estate

Greater Noida realtors to extend low interest benefits for homebuyers

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

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Next Story
Infrastructure Urban

DHL Renews Rs 1.8 Billion Lease For Panvel Warehouse

DHL Logistics Private Limited has renewed its lease for 317,000 square feet of warehousing space in Panvel, near Mumbai, with Ascendas Panvel FTWZ Private Limited — part of the CapitaLand Group — for five years, according to documents accessed by Propstack.The monthly rent for the facility, located within the Ascent Free Trade and Warehousing Zone, is Rs 18 million, or approximately Rs 56.70 per sq ft per month, the documents revealed. The lease commenced on 1 August 2024 and includes a five per cent escalation from June 2025. DHL has also deposited Rs 141.1 million as a security deposit.S..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?