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NAREDCO (through its President R K Arora) has shot off a letter to UP Chief Minister Yogi Adityanath, requesting immediate redressal of long-pending issues.
Turns out, that even if your company goes bankrupt and leaves 25K homebuyers' families sucking their thumbs, you can still write cool letters to the government.
What? Yes. Arora is the Supertech Group Ltd Chairman (Supertech Ltd is facing insolvency proceedings along with Jaypee Infratech and others). The entity’s developers mainly have projects under the Noida, Greater Noida and Yamuna Expressway authorities.
What Are These Issues (as claimed by NAREDCO)?
📌 NCLT’s insolvency proceedings against developers, holding up project completions, deliveries, land due clearances and loan repayments.
📌 Implementation of Supreme Court order, directing UP authorities to link delayed land payment penalties to SBI MCLR rates from January, 2010.
📌 Exorbitant land dues and stalled approvals, OC, and permissions.
📌 Release of sub-lease/registry permissions in proportion to land payments made.
📌 Interest-free/zero period to compensate builders for project stoppages owing to Court/NGT orders.
The letter mentions land payment and other revenue losses of the authorities owing to insolvency proceedings.
What? Yes. Arora is the Supertech Group Ltd Chairman (Supertech Ltd is facing insolvency proceedings along with Jaypee Infratech and others). The entity’s developers mainly have projects under the Noida, Greater Noida and Yamuna Expressway authorities.
What Are These Issues (as claimed by NAREDCO)?
📌 NCLT’s insolvency proceedings against developers, holding up project completions, deliveries, land due clearances and loan repayments.
📌 Implementation of Supreme Court order, directing UP authorities to link delayed land payment penalties to SBI MCLR rates from January, 2010.
📌 Exorbitant land dues and stalled approvals, OC, and permissions.
📌 Release of sub-lease/registry permissions in proportion to land payments made.
📌 Interest-free/zero period to compensate builders for project stoppages owing to Court/NGT orders.
The letter mentions land payment and other revenue losses of the authorities owing to insolvency proceedings.
Whose court is the ball in now? Time will tell.