Pankaj Bajaj Eldeco Says Zero Period Was a Period of Uncertainty for Builders |
Posted: June 8, 2018 |
If property developers in Noida, Greater Noida and Yamuna highway weren't ready to deliver their projects in time and blame authorities for his or her failure, they're right in doing that, to a good extent. Land that was assigned to those developers within the starting of the present decade wasn't free from encumbrance. Farmer protests and proceeding of many other forms involving land, meant builders couldn't move consistent with schedule. By 2015, the authority was ready to settle many disputes to create the land assigned to builders open for development. However, many cases square measure still unfinished in numerous courts, together with the Supreme Court of Asian country. Since there was very little builders may have done to prevent the delay, authorities were forced to compensate them, somehow. So, it declared the period between 2011 and 2012 as what it referred to as a zero period. Throughout the zero-interest period, once construction was hit as a result ofreal reasons, builders weren't needed to pay interest toward land dues. After great deliberation and study, the move was launched where developers’ demand to stretch the amount until 2015 was refused. Authorities such as CREDAI-NCR President Pankaj Bajaj Eldeco refutes the action and says: “A decision like this is against the course of natural justice. It was a period of uncertainty for builders. A builder may have put his money and investments on stake. Bank support for the builder during that period was stopped. Marketing and advertising of such disputed projects were stopped. The Authorities had sold land to the builders claiming that land was free of hindrances. So disruption ‘disturbed’ period should be compensated for,” According to Bajaj, different projects have been ‘disturbed’ for different periods depending on its location. “Some projects have been disturbed for a year, some for four years depending on the location and issues overlapping it. The zero period for projects is not flat but specific to project and they should be considered respectively,” Bajaj added. Now, authorities suspect developers of misusing the profit offered to them.
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