The developers of Amrapali Heartbeat City, a group housing project in
Sector 107, Noida, on Wednesday urged Noida Authority, the landowner,
to allow them to avail the zero-period benefit for the period 2011 to
2016. Zero period is a scheme under which the land-owning agency spares
the allottees from paying interest on the land dues.
During a joint meeting of developers, buyers and Authority officials,
Sankal Sukla, one of the shareholders of Amrapali Heartbeat City,
argued that the Authority had allotted them a disputed plot of land. In
2013, after the builder had constructed a few residential towers on the
allotted plots, local framers had moved the Allahabad High Court, which
had put a stay order on the project. Due to the order, the
developers had to stop the construction work.
The court, however, allowed construction work to be resumed in 2015.
The project had been in limbo between 2013 and 2016, despite the
court allowing the construction to continue. The builders have been
claiming that they don't have funds to carry out the construction. They
demanded that the Authority treat the period between 2011 and 2016 as
the zero period for the project. If the Authority agreed to the demand,
the developers won't need to pay the due interest, which amounts to
about Rs 330 crore.
The Authority agreed to a zero period but for a lesser time frame.
The Authority officials said there was no issue in declaring a zero
period between 2013 and 2015, during which there was a stay order on the
project. Shishir Singh, ACEO of the Authority, said they had taken note
of the builder's demand and it would consider it soon. He told the
builder to comply with the construction plan within a stipulated period
of 10 days.
