Noida Authority takes strict action against tax defaulters
During BSP regime in Uttar Pradesh, a housing scheme was introduced which had some loops in the agreement. A new board meeting is organized by three authorities in Gautam Budh Nagar to settle a new amendment in the housing scheme.
The housing plots were available to all by just paying 10% of the total amount during BSP regime in which it ensures Noida to remain as affordable housing destination. It was recently identified by the Noida authority that 50 defaulter developers who have stopped making the payments.
It is noticed that almost many developers in the city are not following the proper rules and also not paying the installments. Even the due list comprises of names of big realty companies of the country.
A Noida Authority official said that they will introduce fresh proposal to strengthen the norms against the defaulter developers bringing the Authority losses to the tune of Rs 3,000 crore.
In 2008 , to increase the investment in Noida, the Authority introduced a scheme that any developer or entrepreneur could lease land after paying 10% of the cost as down payment. It was informed by the authority that this scheme was introduced to give some relaxation to small-scale developers, but it did not work properly hence they did not pay the installments due for years. It was also complained by the authority that the developers were not paying the 14% interest they have to submit if they default on payments.
A notice will be issued to all developers by the authority along with new tax payment laws. It was also decided by the authority that they will cancel the allotments of those defaulter developers who are not taking any heed of the warning.
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