SC revokes 2020 order of capping interest rates on land dues in Noida, Greater Noida

New Delhi: The Supreme Court on Monday recalled its 2020 order by which interest rate to be charged by Noida and Greater Noida authorities was capped at 8% for delayed payment by builders. The real estate developers were charged 15-23% depending on their agreement with the Authorities. The order comes as a major blow to real estate companies operating in Noida and Greater Noida.
A bench of Chief Justice UU Lalit and Justice Ajay Rastogi recalled the order which would put financial burden on builders many of whom are finding it difficult to complete the project due to the fund crunch. 
The Supreme Court has earlier capped the interest rate at 8% and linked it with SBI MCLR (Marginal Cost of Funds based Lending Rate). In June 2020 during the hearing of Amrapali case, the SC passed this order of putting a cap on the interest rate.