Noida: The Supreme Court’s recall on Monday of its 2020 judgment allowing developers to repay their legacy land dues at 8%, in line with SBI’s MCLR (marginal cost of lending rate), clears the decks for the development authorities in Gautam Budh Nagar – Noida and Greater Noida – to initiate measures to realise nearly Rs 39,500 crore in dues that real estate developers have accrued over the years.
Senior officers said the two development authorities would have to, between them, forgo nearly 50% of this amount had the Supreme Court not recalled its order. The officers pegged the amount that was at stake, going by current calculation of dues, at Rs 19,301 crore. In the total dues, the Noida Authority’s share alone is Rs 26,000 crore.
“Even if we separate the liabilities of Unitech, Amrapali and other projects that are sub-judice in the Supreme Court, Rs 5,860 crore of Noida Authority and Rs 3,838 crore of the Greater Noida Industrial Development Authority have been secured by the SC’s recall,” said an officer.
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