The builders, whose projects were delayed due to the legal battle on the eco-sensitive zone in Okhla (around Okhla Bird Sanctuary), are likely to receive some relief on interest from the Noida Authority.
Although, the relief on the offer is much less than what the real estate companies had requested for.
The board of Noida Authority has given a green signal to the ‘Zero Period’ of 75 days, from 14th August 2013 to 28th October 2013. The interest on land allotment for this period will be overlooked. The penal interest which was charged for legal battle of two years and also the development in the eco-sensitive zone is also likely to be waived off.
Around 50000 homebuyers were impacted by the stay which had been put. The waiver relief will benefit up to 20 residential projects developed by different real estate companies.
The proposal of the waiver has still not been implemented as it is awaiting the approval from the CEO of Noida Authority. CEO and the planning department are analyzing the proposal to confine the area to come under the relief and also the number of builders who fall under the confined area. The free extension period for the development of a project was hindered during the stay, but once the proposal gets approved, developers will be able to avail the same.
However, the condition on which the builders will be provided the waiver is that they will share the benefits with the homebuyers. For this, the builders will have to submit an affidavit that they are doing this. And if the Authority comes to find out that the builder is not fulfilling the commitment, the benefit would be cancelled.