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UP industrial commissioner, developers discuss several issues

NOIDA: The Uttar Pradesh industrial and infrastructure development commissioner, Sanjiv Mittal, on Thursday held a meeting with a group of developers and discussed a host of issues such as delay in delivery of flats and registry of ready units, and reduction in interest rate, among others
PUBLISHED ON JUL 15, 2021 10:49 PM IST

NOIDA: The Uttar Pradesh industrial and infrastructure development commissioner, Sanjiv Mittal, on Thursday held a meeting with a group of developers and discussed a host of issues such as delay in delivery of flats and registry of ready units, and reduction in interest rate, among others.

The meeting was held at the Noida authority’s Sector 6 administrative building. Mittal is also the chairman of Noida and Greater Noida authorities.

“The commissioner assured us to address our demands so that the roadmap of flat registry to homebuyers can be prepared and their grievances can be addressed properly. We want the government to support us and offer an interest waiver in the wake of the Covid-19 pandemic,” said RK Arora, chairman of Supertech Group.

Arora is also the president of UP unit of the National Real Estate Development Council (NREDCO), a realtors’ body.

The developers demanded that the UP government should come out with a package to revive the real estate sector in the state.

“The Noida and Greater Noida authorities should stop levying a transfer fee on commercial properties. The two authorities charge 1 to 2.5% of total commercial property as transfer fee when an owner sells it to another. We demand this fee should be done away with as the real estate sector is witnessing a crisis,” said Rakesh Yadav, managing director of Antriksh Group.

The realtors also demanded that the authorities should implement a decision of the Supreme Court directing that only 8.5% interest should be charged on defaulted amount of developers as it will benefit the buyers.

After the meeting, Mittal said, “The state government is looking into these issues for an appropriate decision.”

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