On Friday, the Noida authority announced that it had sent notices to several realtors. Notice has been sent to those whose real estate projects are currently before the National Company Law Tribunal (NCLT). The notices asked the realtors to use the rebates on interest on their outstanding debts in the event that they were able to withdraw their cases before the NCLT.
The Noida authority has given them fifteen days. They are asked to either end NCLT cases or lose their ability to utilise the state government’s waiver provisions. The provision is for the two years of the Covid 19 period during which the construction was interrupted.
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The orders have been issued in line with the order of Uttar Pradesh government.
Giving an option, UP government said they can claim reimbursements for the time that previous court cases caused the construction to be halted. Indeed, there are at least thirty projects involving various realtors who went bankrupt. These realtors became defaulters, awaiting trial before the NCLT.
According to the authority, these situations can be settled and the realtor can benefit from the state policy. The policy grants waivers and other benefits if realtors can pay investors, vendors, banks, or buyers their money back.
After receiving rebates, the realtor can pay 25% of the fees; the remaining 75% can be paid in three years. Additionally, the realtor gains the ability to obtain authorization for the buyers’ registry, alleviating long-standing registry concerns.
According to Dinesh Gupta, secretary of the Confederation of Real Estate Developers Association of India (CREDAI), they applaud the Noida authority’s action since it will help realtors as well as buyers.
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