Take a look at what this waiver by Noida Authority will mean for both builders and property owners.
Noida Authority has offered a relief package to 20 Noida developers in terms of zero period interest. The developers will not need to pay any interest during the zero period.
This respite was announced as builders couldn’t complete construction owing to farmers’ agitation in 2010-11 and the two-year ban imposed on construction by National Green Tribunal in 2013-15.
The move will come as a breather for builders who have been staring at a deep financial crisis. This interest waiver will also help revive stuck housing projects.
An official of Noida Authority told City Spidey that this decision had been taken after several applications from developers in this regard. “The 20 developers chosen for the waiver deal with both residential and commercial projects. The step could lower the financial burden of builders by 20 to 30 per cent,” he added.
Here is the list of the developers who are part of this relief package:
