on Friday the Greater Noida authority (GNIDA) created a committee headed by B.K Tripathi, Additional CEO to study and analyse the builders’ demand of zero period from 2011 to 2015. Developers are demanding an interest waiver for their realty projects which got delayed due to litigation, farmer agitation and other reasons.
CEO Debasish Panda asked all the departments including institutional, IT, residential, commercial and industrial to provide a fact sheet of all the projects, which got delayed and the reason behind the delay.
Once all the facts are in front of us, we will categorize reasons. Those cases, which can be approved by CEO, as in case of stay by the courts will be addressed at the CEO level. Other cases will be either referred to Greater Noida Board or to the state government for further course of action
CEO explained. The CEO further mentioned that a meeting was held with the builders on Friday regarding this issue.
We will be meeting the developers next week also in a group of ten to hear their individual demands, Once we have all details and information in place, the committee will submit its report to the CEO after which a policy regarding the zero period could be drafted
If ‘Zero Period’ is declared for the duration when construction was disrupted due to the litigation or any other reasons, builder will not pay the interest on defaulted principal amount. “The interest waiver for Zero Period will be given only to genuine cases,” ACEO said.
Greater Noida West farmer’s, had in April 2011 challenged the land acquisition in Allahabad high court. Dispute between the authority and farmers were settled in some cases in the year 2012. Many other cases were sorted by the year 2015 while some are still pending in high court and Supreme Court. The committee will look into the specific time period when the construction was affected in a particular project and after that it will take a decision, said the officials.