GNIDA asks developers to pay due installments
Greater Noida Industrial Development Authority (GNIDA) has ordered developers to resume construction work in Noida Extension with immediate effect.
As all per-conditions to resume construction work in the area have been finally met, the Authority has also asked developers to start paying their due installments for the period between October 21, 2011 and August 2012 so that the Authority can resume halted development work.
The developers owe the Authority around Rs 20,000 crore as installment for the land allotted to them in Noida Extension. The Authority had collected nearly Rs 300 crore from the developers. However, following the land dispute, most developers stopped paying the due installments.
Developers owe the Authority around Rs 1,000 crore for the period between October 21, 2011 and August, 2012. The civic body has assured that no interest will be charged from developers on the due installments.
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Greater Noida Industrial Development Authority (GNIDA), Installments, Land disputes, Noida Extension, Noida Extension Real estate, Real Estate Developers, real estate investors
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