Noida Authority May Contest HC Ruling on Lease Rent Waivers
NOIDA: The Noida Authority has opted to challenge an Allahabad High Court ruling that annulled the state’s decision to revoke lease rent waivers previously granted to various real estate firms under the “zero period” policy. This policy is designed to offer relief against delays that developers cannot control, emphasizing the need to protect revenue and maintain policy consistency. During a meeting on June 14, the Authority’s board decided to contest the High Court’s April 23 decision, made in response to a petition by Greatvalue Projects India. The Authority asserts that the lease rent waivers contradict its established policy, which categorically…