New Delhi: A year after the Supreme Court directing Noida and Greater Noida authorities to overcome the interest rate for payments delayed by the builder of around 8% instead of collecting 15-23% which is exorbitant, the authorities owned by the real estate company deposited “not a single Paisa” To delete their contributions and find remember orders.
Observing that there is a need to “provide encouragement” to the real estate sector and assistance must be given to the builder because many of them struggle to survive because of the economic slowdown and Pandemic Covid-19, the APEX court in June last year said the charging of reasonable interest rates was around 8 The% will enable them to complete housing projects and have passed orders to provide assistance to the real estate industry operating in NCR.
However, home buyers will be affected if the contribution is not paid.
Some projects can be in the process of IBC while others will not be able to provide a registration or residential certificate to home buyers because the authorities have not received payments from builders for rent, punishment and interest.
Looking for order memory, Advocate Ravindra Kumar told the bench that the order was passed without checking all the problems.
He said that the court heard the case of Amrapali and examined ways to protect home buyers but orders that were legalized in general, apply to all developers who did not even side with this case.
As a judge of the Law Land and Ajay Rastogi raised the question of how orders can be withdrawn after one year because some builders may have used relevance that cannot be taken into other companies, Kumar said that all had come to jam after June 10 ordered through a court last year.
“Not a single Pisa has been paid in the past year,” Kumar told a bench.
The Athorities request was opposed by the Senior Builder and Advocate of Kapil Sibal, appearing for one of them, told the bench that remembering the application submitted by Noida and Greater Noida were misuse of legal proceedings.
He said the authorities agreed to charge low interest rates but then changed their stands.
He said that they were waiting for the judge (who dictated the command) to retire and then they submit an application for application search.
The court has passed orders in the defense of the ACE company group which accused that various projects were stopped and became inactive because of excessive rentals, penalties and interest charged by the authorities.
It has argued that SBI MCLR (marginal fund-based loan rate) interest rate for three years is only 7-8%, and noida authorities are directed at reducing the interest rate.
“Considering the current state of real estate and to provide encouragement for such housing projects and especially consider the suffering of home buyers and as indicated by Noida and larger noida authorities, namely 114 plots given from 2005 and so on, most of the projects.
Complete, we direct that interest in the extraordinary premium and other contributions to be realized in all such cases at a level of 8% per year and let Noida and Noida authority greater restructuring payment schedules, “The court said.
The court, however, has explained that if the builder fails to clean up contributions in a reasonable time, the concessions given will be withdrawn.