Noida Authority Announces Additional Waivers for Real Estate Developers
Noida Authority takes steps to offer interest waivers to realtors affected by NGT orders, providing additional relief to builders affected by the pandemic
Real EstateNoida AuthorityNational Green TribunalCredaiWaiversReal EstateJul 26, 2024
After a two-year “zero period” due to the Covid-19 pandemic, the authority will offer additional relief to builders affected by NGT’s orders to halt construction within 10km of the Okhla Bird Sanctuary on a case-to-case basis. According to officials, the authority will be able to offer the NGT waiver to those who paid 25% of the total dues upfront after availing of waivers for the two years of Covid-19.
information suggests that the authority in the past offered a zero period to several developers affected by NGT rulings, but those were for shorter periods. It is likely that the zero period duration given in the past will be deducted from the two-year period. The Confederation of Real Estate Developers’ Associations of India (CREDAI), a builders’ lobbying group, welcomed the move and said it was a long-pending demand of realtors.
“The move would help developers clear their dues without any hassle as they will get good deductions. The move is expected to fuel the registry of apartments in the name of homebuyers, providing much-needed relief and progress in stalled projects,” said Dinesh Gupta, secretary, CREDAI.
Established in 1976, the Noida Authority is a statutory organization responsible for the development and management of Noida, a planned city located in the Indian state of Uttar Pradesh. The authority is responsible for providing infrastructure, housing, and other amenities to the citizens of Noida.
CREDAI, or Confederation of Real Estate Developers’ Associations of India, is a national apex body of real estate developers, builders, and promoters. The organization aims to promote and protect the interests of its members and works towards creating a conducive environment for the real estate industry to grow.
Frequently Asked Questions
What is the NGT waiver?
The NGT waiver is an interest waiver offered by the Noida Authority to real estate developers affected by the National Green Tribunal's orders to halt construction within 10km of the Okhla Bird Sanctuary.
Who is eligible for the NGT waiver?
Developers who have paid 25% of the total dues upfront after availing of waivers for the two years of Covid-19 are eligible for the NGT waiver.
How many developers are expected to be eligible for the NGT waiver?
Around 10-12 developers out of 57 are expected to be eligible for the NGT waiver.
What is the purpose of the NGT waiver?
The NGT waiver aims to provide relief to real estate developers affected by the NGT's orders and help them clear their dues without any hassle.
Who has welcomed the NGT waiver?
The Confederation of Real Estate Developers’ Associations of India (CREDAI) has welcomed the NGT waiver, saying it was a long-pending demand of realtors.
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