Noida Authority is Bankrupt because of Builders

The NOIDA authority on Monday told the Supreme Court that it is suffering huge losses and its functioning have virtually come to a standstill due to the top court's last year orders directing it to cap the rate of interest at eight per cent on the dues for land given on lease to different real estate companies. It alleged that different builders have suppressed the facts from the court leading to the passing of June 10 order favouring the real estate companies in Noida and Greater Noida areas.

Basically the interest rate cap has to be removed and why should the defaulting builders not pay a higher interest?? more  

View all 7 comments Below 7 comments
How the builders could suppressed the facts from the court without the connivance of some officers of Noida authority? What role Noida authorities were playing during the case proceedings? Why authorities did not exposed those facts before the court? more  
Supreme Court?...... Does anyone expect that SC will give a genuinely true verdict? The highest level of corruption i in these areas. more  
Is the authority running only on interest on outstanding dues from builders? What about the principal, is it being recovered? How many plots allotted to builders have been resumed due to non payment of dues and re-allotted to those who are willing to pay ? One needs to look into these things as well. more  
Yes, Noida authority has been cash rich always. Even a "babu" in authority is millionaire :) beside they have always ensured the share is being passed on to government too. No wonder why no enquiry in corruption cases see any ends.. more  
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