Noida Authority has decided to charge an additional 8% from defaulting allotteess for non payment of instalments.

Shilpa, Noida

28th November 2014

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Replies (2)

At present they are charging me 14% p.a. & they are saying they will charge 5% extra if more than 3 instalments are overdue. Will additional interest be charged on instalment only or on interest also. Anyone guide. Is it mentioned in Noida authority website or somewhere???

Prabhat, Delhi

20th October 2015

Comment

Hi Shilpa,
Counting a default of Rs 7,000 crore, the Noida Authority has decided to get tough with allottees who have not paid the installments on their property. At present, allottees defaulting on installments are charged at the rate of 11% interest. For the first three instalments, there was no additional interest. But after that, defaulters were charged an additional penalty interest of 3%.

Prasad, Noida

28th November 2014

Comment

@ Shilpa,
As per my knowledge, however, from January 1, authority will charge allottees an additional 8% interest on the default amount after the first three defaults. The last date for paying the instalments at the old rate of interest is December 31, 2014. On Thursday , a warning notice has been issued to all allottees about the hiked interest rates.

Wahi, Noida

28th November 2014

Hi Shilpa,

In my point of view, authority has taken this step to recover authority outstanding dues from allottees. Allottees of property falling under the economically weaker sections of society and lower income groups will not be affected by the order.

Geeta, Noida

28th November 2014