The Noida and Greater Noida real estate companies have taken a significant hit as a result of the Supreme Court’s ruling. The Supreme Court has decided not to reverse the order from November 7th. On November 7, 2022, the Supreme Court eliminated the limit of imposing interest at a maximum rate of 8 percent on the outstanding payment of land leased to builders. As a result of this ruling, the authorities in Noida and Greater Noida are now permitted to charge real estate enterprises that have not yet paid for their land interest at a rate greater than 8%.
The Noida real estate businesses had filed an appeal
with the court against the higher interest rate being charged by the authority. But the court ruled that there are no grounds for revoking the ruling. The bench of Justices Ajay Rastogi and Bela M Trivedi stated. That there is no basis for withdrawing the judgment from November 7. After examining the applications for a stay. He also rejected the interim applications because they lacked any foundation. The court had allowed the Noida and Greater Noida authorities’ petition on November 7. Which they asked for the order dated June 10, 2020, charging interest at the rate of 8% on the arrears on the lease of land from the builders, to be revoked. Was.
The maximum interest rate of eight percent was determined
for the balance owed to the builders, followed by an interest rate of eight percent. Let me inform you that the authority is owed thousands of millions of rupees by builders in Noida and Greater Noida. Due to unpaid fees, the Authority has halted the registration of real estate businesses’ projects. Due to the lack of registration. Thousands of flat buyers are angry. And continue to call for the registry to be completed.
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