Noida Authority has recently found out that nearly fifty real estate developers are not paying the due payments to the Authority. It is estimated the government loses around Rs.3000 Cr due to the default buyers.
BSP government had made it a rule to pay a mere 10% of the total amount for attaining land parcels for ‘group housing’ projects. This scheme was introduced with a plan to make Noida an affordable home-destination. However, recently, the Noida authority has found out that many developers have stopped the payments.
Realizing that many developers have skipped paying off the amount prescribed by the scheme, three Gautam Budh Nagar Authorities plans to amend the scheme. Sources close to these authorities said that the amendment may be applied in their next board meeting. Continue reading