There is a piece of good news for the residents of UP. The Uttar Pradesh govt provides interest relief to builders of different districts of UP. The UP state government has reduced the rate of interest on the land dues so that it can help many people.
3 Administrations where Uttar Pradesh Govt Provides Interest Relief to Builders
The proposal to reduce the rate of interest on the land dues was kept in front of the three industrial development authorities, viz.-
- Yamuna Expressway Authority,
- NOIDA Authority and
- Greater Noida Authority.
The Principal Secretary of Industries and Infrastructure Department, Uttar Pradesh has stated in his letter to the 3 administrations:
“There will be no interest for land dues delays that was mentioned to get cleared between 22nd March and 30th June 2020, loaners can pay up to 30 June 2020.”
The UP government has proposed to provide relief on land dues by various means such as extending the due dates of interest payment.
Other measures to provide relief on land dues
Apart from the above statement passed in the letter, there are few other important points mentioned in it such as:
- People who will be able to deposit the dues between 22nd March to 30th June or by 30th September will be charged with simple interest.
- If people fail to deposit the due amount by 30th September then they will be charged with the default interest.
An Expert Mr Ashok Gupta who is working as the CMD in Anjara, India has stated that this step taken by the UP government will ease the burden on the people who are involved in this and the ultimate benefit of this project will be received by all type of home buyers, so it is indeed a great initiative.
This will indeed provide relaxation to many builders and residents of UP who are financially wrecked by the COVID-19 Crisis. Besides, the due date of RERA registration has been already extended by the Union Government.
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