Noida developers who availed of the debt recast scheme may receive a second waiver to offset financial losses incurred during the NGT-imposed construction halt.
The Noida Authority is scrutinizing these developers to determine their eligibility for a second waiver. This potential relief would encompass the period during which construction was suspended due to orders from the National Green Tribunal (NGT).
The initial debt recast scheme offered developers respite by restructuring penalties and interest accrued during the COVID-19 pandemic. However, the NGT-mandated construction halt imposed significant financial strain on the real estate sector. The Noida Authority is considering a second waiver to mitigate these additional burdens.
Of the 57 developers who opted for the debt recast, 27 have thus far submitted applications for the second waiver. The Noida Authority is diligently reviewing these requests to assess the extent of relief each developer qualifies for. The real estate industry is closely watching this development, as it could provide much-needed financial stability to developers and potentially accelerate project completion.
