No interest to be charged till approval of Master Plan
Greater Noida: In good news for flat buyers in Noida extension, no interest will be charged from builders by Greater Noida Industrial Development Authority (GNIDA) from October 21, 2011 till approval of Master Plan by NCR Planning Board.
Builders have said if authority gives relief to them they will pass the benefit to buyers.
GNIDA has given approval to treat the period between the Allahabad High Court order of October 21,2011 till the approval of master plan by National Capital Region Planning Board as zero period, officials said, adding no interest on this period would be charged by authority from the builders.
Noida Extension Flats Owners Members Association representatives said it was their prime demand and now builders should honestly pass the relief to them. They said the builders should also not demand instalments penalty interest.
Moreover, builders should declare a moratorium on payment of instalments till the NCRPB approval is granted so as to provide relief to Noida extension buyers.
Over a lakh buyers have been affected by the farmers agitation over land acquisition, court judgements and non-approval of master plan by NCRPB.
The Allahabad High Court had directed the Authority on October 21, 2011 to get the Master Plan approved by the NCRPB.