- Bribe Hotline
- 10 years ago
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New Okhla Industrial Development Authority (NOIDA) had alloted land…
New Okhla Industrial Development Authority (NOIDA) had alloted land to builders during the year 2009-10 on 10 year instalement plan in sector 76, Noida. After deposit of 10 % payment to NOIDA Authority had registered / handover the land for constructions to builders. Builders construct the flats in same land and sold it on cash down basis and on installment to recover in three years payment plan. As on today (2014) mostly builders recover their flat cost with profit.
My question is if the builders recover his cost with profit with in 3 years then why not NOIDA authority recover their cost in the same period ? Why they gave 7 year to builders for using public money ? If builders default to NOIDA Authority after handover possession to flat buyers then who will suffer ?