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Judgement 28-Feb-2023_8% Interest Noida,GNOIDA Authority

Dated 28-Feb-2023

The Bench of Justice Rastogi rejected large number of Noida/Greater Noida builder’s applications which were filed to seek parity with Amrapali so far as interest rate being charged by Noida/Greater Noida Authorities. In Amrapali, considering the peculiar circumstances and plight of over 46,000 home buyers and siphoning off the fund of more than Rs. 11,000 crores, the Supreme Court had directed Noida and Greater Noida Authority MCLR Rate and not the usual rate of 18% as charged by Noida/ Greater Noida. Almost all big builders also requested that their interest rate of past dues should also be reduced to MCLR rate but by the Order dated 07.11.2022 dismissed all those Applications and thereafter, recall applications of the said order were filed.
Today, all recall applications were dismissed by observing that the facts of those Applications are not akin to Amrapali matter and therefore the relief given to Amrapali Home Buyers inter alia cannot be extended to other builders.