CREDAI: A Supreme Court Order Could Cause Registries To Be Delayed The Supreme Court recently recalled a ruling that set an upper limit of 8% for the interest rate on unpaid land taxes in Noida & Greater Noida. The developers, who were having trouble paying their debts, were extremely surprised by this choice. Can the delay in paying debts affect the timing of project delivery? Continue reading to learn how this choice can affect homebuyers!
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In a recent development, CREDAI-NCR asked Noida and Greater Noida's development authorities to implement a one-time settlement plan to pay off their unpaid land dues. The proposal is anticipated to resolve the builder issue and stop project delivery in these twin cities, much as the one that was adopted for builders in Haryana.
Which order has the Supreme Court revoked? The Supreme Court recently revoked a previous decision it made on June 10, 2020 that set a cap on interest rates at 8% for payments for land that was leased to different builders. The developers are now receiving notifications from the development authority to pay their unpaid dues, which have sent them into frenzy.