Real estate developers in Noida have urged the Uttar Pradesh government to roll back an increase in one-time lease rent and purchasable FAR (floor-area ratio) charges demanded by the Noida authority.
The Uttar Pradesh chapter of the National Real Estate Development Council also asked for a withdrawal of commercial property transfer charges, according to a statement.
The developers made their demands at a meeting with Sanjiv Kumar Mittal, the Uttar Pradesh Infrastructure & Industrial Development commissioner, who is also chairman of the Noida authority and Greater Noida Industrial Development Authority.
The issue of delays in registering flats was also discussed at the meeting. Developers have been asked to submit a fresh payment plan to the Noida and Greater Noida authorities.
While the authorities had asked for 11 percent interest compounded every six months, the builders have not been forthcoming in paying the amount, sources said. This was why the registration of flats was stopped. The matter is being heard by the Supreme Court and the verdict is awaited.
Other matters discussed at the meeting included standardisation of rules for the registration of commercial property and extension of zero-period benefits.
“The developers urged the government to implement the suggestions made by them earlier at the meetings held in Noida on June 25 and subsequently, in Lucknow on July 2,” NAREDCO UP unit president RK Arora said in the statement. “The main suggestions include withdrawal of commercial property transfer charges and rollback of increase in one-time lease rent and increased purchasable FAR charges.”
NAREDCO also wanted withdrawal of time extension charges, relief of zero-period and implementation of a Supreme Court order to apply interest based on the State Bank of India’s marginal cost of funds-based lending rate, Arora added.
Those who attended the meeting included Migsun Group managing director Sunil Miglani and Antriksh Group managing director Rakesh Yadav.
The developers asked the government to make uniform rules for the Noida, Greater Noida and Yamuna Expressway authorities because “all these authorities follow the same set of building regulations,” NAREDCO said in the statement.
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