Noida authority urges SC to relook interest cap rate for developers
Real Estate

Noida authority urges SC to relook interest cap rate for developers

Noida authorities have asked the Supreme court to recall its order and relook the interest cap rate as the builders have not to deposit a single penny to clear their dues.

In June 2020, over a year after the Supreme Court had directed Noida and Greater Noida authority to cap the interest rate at about 8% for delay in payment of land value by builders instead of a steep 15-23%.

Representing the authorities, Advocate Ravindra Kumar submitted before a bench of Justices U.U. Lalit and Ajay Rastogi that this order was passed without considering all issues.

Then the Supreme court was hearing the Amrapali case and it was evaluating ways to protect the Amrapali home buyers' interest, but, the general order passed by the court applied to all realtors developers, who were not even party in the case, he said.

As the bench questioned how it is possible to recall the order after a year, against the backdrop of claims that some of the developers might have benefited, counsel submitted that after the Supreme court's June 10 order, everything has been halted.

He told the bench that not a single penny has been paid in the last year.

Counsel for Amrapali home buyers, Kumar Mihir, said that this problem is affecting all the home buyers of Noida and Greater Noida who are waiting for registration of their title deeds.

Amid the pandemic, the top court in its June last year order had cited the current status of real estate, the projects at a halt, and the requirement to give impetus to such housing projects.

Image Source

Noida authorities have asked the Supreme court to recall its order and relook the interest cap rate as the builders have not to deposit a single penny to clear their dues. In June 2020, over a year after the Supreme Court had directed Noida and Greater Noida authority to cap the interest rate at about 8% for delay in payment of land value by builders instead of a steep 15-23%. Representing the authorities, Advocate Ravindra Kumar submitted before a bench of Justices U.U. Lalit and Ajay Rastogi that this order was passed without considering all issues. Then the Supreme court was hearing the Amrapali case and it was evaluating ways to protect the Amrapali home buyers' interest, but, the general order passed by the court applied to all realtors developers, who were not even party in the case, he said. As the bench questioned how it is possible to recall the order after a year, against the backdrop of claims that some of the developers might have benefited, counsel submitted that after the Supreme court's June 10 order, everything has been halted. He told the bench that not a single penny has been paid in the last year. Counsel for Amrapali home buyers, Kumar Mihir, said that this problem is affecting all the home buyers of Noida and Greater Noida who are waiting for registration of their title deeds. Amid the pandemic, the top court in its June last year order had cited the current status of real estate, the projects at a halt, and the requirement to give impetus to such housing projects. Image Source

Next Story
Real Estate

Della, Hiranandani & Krisala unveil Rs 11 billion themed township in Pune

In a first-of-its-kind initiative, Della Resorts & Adventure has partnered with Hiranandani Communities and Krisala Developers to develop a Rs 11 billion racecourse-themed township in North Hinjewadi, Pune. Based on Della’s proprietary CDDMO™ model, the hospitality-led, design-driven project aims to deliver up to 9 per cent returns—significantly higher than the typical 3 per cent in residential real estate.Spanning 40 acres within a 105-acre master plan, the mega township will feature an 8-acre racecourse and international polo club, 128 private villa plots, 112 resort residences, a ..

Next Story
Real Estate

Hansgrohe unveils LavaPura Element S e-toilets in India

Hansgrohe India has launched its latest innovation, the LavaPura Element S e-toilet series, introducing a new standard in hygiene-focused, smart bathroom solutions tailored for Indian homes and high-end hospitality spaces.Blending German engineering with minimalist aesthetics, the LavaPura Element S combines intuitive features with advanced hygiene technology. The series is designed for easy installation and optimal performance under Indian conditions, reinforcing the brand’s focus on functional elegance and modern convenience.“With evolving consumer preferences, smart bathrooms are no lon..

Next Story
Infrastructure Urban

HCC Net Profit Stands at Rs 2.28 Billion for Q4 FY25

Hindustan Construction Company (HCC) reported a standalone net profit of Rs 2.28 billion in Q4 FY25, a sharp increase from Rs 388 million in Q4 FY24. Standalone revenue for the quarter stood at Rs 13.30 billion, compared to Rs 14.28 billion in Q4 FY24. For the full fiscal year, the company reported a standalone net profit of Rs 849 million, down from Rs 1.79 billion in FY24. Standalone revenue for FY25 was Rs 48.01 billion, compared to Rs 50.43 billion in the previous year.Consolidated revenue for Q4 FY25 stood at Rs 13.74 billion, and for FY25 at Rs 56.03 billion, down from Rs 17.73 billion i..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?