The Authority has waived off the interest levied on installments of allotments to the builders during this period.
New Delhi: The Greater Noida Authority on Tuesday allowed builders to start construction work on their sites in the Noida Extension area, as per media reports.
The Greater Noida Authority, following a meeting with the builders, has permitted them to carry out construction works in the sites which have been languishing since almost a year.
The Authority has apparently waived off the interest levied on installments of allotments to the builders during this period, as per reports and have also dissuaded builders against charging interest from their buyers during this period.
The National Capital Region Planning Board gave its approval to the Draft Master Plan for Greater Noida-2021 last week.
The Allahabad High Court had stayed construction in Noida Extension, which is a part of Greater Noida, and directed the Greater Noida Authority to seek approval of its Draft plan from the NCR Planning Board.
In Noida Extension, about 2.5 lakh homes were being developed, of which nearly 1.5 lakh have already been sold.
The developers welcomed the decision of NCRPB.
With Agency Inputs