Builders owe Rs 7,000 crore in land payments

Builders owe Rs 7,000 crore in land payments
12/09/2016 , by , in News/Views

Almost all real estate companies in Greater Noida have defaulted a huge amount of money against land allotted to them in 96 projects. They owe Rs. 7,000 crore in land payments to the Noida Authority. Yamuna Expressway Industrial Development Authority officials said that builders in its area owe it about Rs 2100 crore.

Till April 2016, Noida authority had initiated an amnesty scheme in which any allottee who had an outstanding amount more than Rs 500 crore had to pay10 per cent of the amount to avail of the amnesty scheme. The amnesty scheme for a rescheduled payment plan ended in April this year.

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