Developers ready to pay land dues at reduced interest rate: NAREDCO

The National Real Estate Development Council (NAREDCO) has urged the Uttar Pradesh government to calculate land dues using SBI-MCLR and allow builders to pay per flat to resume the registry of flats in Noida and Ghaziabad.

In a meeting with Rajendra Kumar Tiwari, Chief Secretary, UP and Additional Chief Secretary, Industry, Arvind Kumar real estate developers put up various suggestions to complete construction and give delivery of maximum housing units to allottees.

According to R K Arora, President NAREDCO-UP, the developers said that they should get the benefit of zero period for NGT ban on construction due to Okhla Bird Sanctuary dispute.


“Instead of taking it in one go, the authority can divide the dues by the number of units and builders are ready to pay. This will kick start the process of registry of flats and the government will get revenue of stamp duty and registry charges,” Arora said.

Developers have also said that project completion time extension charges should not be demanded in projects where part completion of minimum required construction has been achieved.

Noida Estate Flat Owners Main Association (NEFOMA) also highlighted the issue of delay in registry due to non payment of land dues.