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Builders say implementing SC order may delay registration of 1.5 lakh homes in Noida, Greater Noida; one-time settlement of dues sought

Developers say a one-time settlement scheme should be introduced as in Haryana to settle dues, while industry body CREDAI argues that steps to realise dues at higher rates can lead developers to the NCLT

Representative image

Representative image

Days after the Noida Authority sent notices to around 60 builders following a Supreme Court order asking them to pay their outstanding dues or face action, the real estate developer community has said that the move can delay the registry of 1.5 lakh homes in the two satellite cities of Delhi, Noida and Greater Noida.

The Confederation of Real Estate Developers' Associations of India (CREDAI) has urged the Noida and Greater Noida authorities to take homebuyers’ interests into account in the wake of the Supreme Court ruling earlier this month to recover dues from builders at interest rates fixed at the time of executing the lease deed.

Developers have demanded a one-time settlement (OTS) scheme as in Haryana.

The Uttar Pradesh unit of the National Real Estate Development Council (NAREDCO) had last week also requested the Noida Authority to withdraw its November 17 order regarding the method of calculation of interest on developers’ land dues.