Noida Extends Date for Land Dues Rescheduling
In the wake of the coronavirus pandemic, the Noida authority has extended the date to reschedule pending land dues owed to the authority till September 30. The authority’s finance controller has issued an order asking developers to take benefit of this opportunity to reschedule their outstanding amount as per rules and start paying pending dues.
According to the earlier order issued on February 19 this year, developers were asked to get their dues rescheduled by the end of April. But they could not do so due to the national lockdown. Therefore, it is now extended to September-end for developers and other allottees such as industrial and institutional plot owners. The authority had allotted housing land to developers after accepting 10% down payment of the land cost, and the builders were supposed to pay remaining 90% cost in instalments. But due to slowdown in the real estate sector, several builders failed to pay dues on time. As a result, they were asked to get their outstanding rescheduled and start paying up in instalments.