Noida Developers Assure Extending Low interest Benefits to Homebuyers
The developers of Noida and Greater Noida assured the Supreme Court that the benefits of low interest, which was fixed by the apex court. The real estate companies further said that Noida and Greater Noida authorities have moved the top court after lapse of more than a year, and termed it as an abuse of the process of law. In July last year, the top court had directed that interest on late payment by companies be linked to the SBI's marginal cost of lending rate (MCLR), beginning January 2010. The apex court fixed the rate of interest at around 8 per cent against the penal interest demanded by the Noida authority, which was over 28 per cent. Recently, the authorities had urged the top court to recall its order, saying that they could lose around Rs 7,500 crore.
Tags : News/Views Supreme Court homebuyers Noida Authority Greater Noida SBI lending rate Noida Developers Marginal Cost