The Supreme Court had directed Noida and Greater Noida to curb the interest rate at nearly 8 percent for delay in payment of land cost by builders, instead a steep of 15-23 percent in June 2020.
The authorities have asked the Supreme court to relook its order, quoting that the builders have not deposit "a single paisa" to clear their dues.
Advocate Ravindra Kumar who represented the authorities on Monday had said that this order was passed without examining all issues, before a bench of Justices U U Lalit and Ajay Rastogi.
The Supreme court then was hearing the Amrapali case and was gauging ways to safeguard the interest of Amrapali's home buyers.
Kumar had challenged the general order passed by the Supreme Court court that was applicable to all real estate developers, who were not even party in the case.
When the justice bench asked how is it possible to relook the order after a year, as against a set of claims that several builders might have been benefited.
The counsel submitted that after the Supreme court's June 10 order, everything has been cease.
Ravindra Kumar said, "Not a single paisa has been paid in the last one year."
The Amrapali's counsel, advocate Kumar Mihir stated, "This issue is affecting all the home buyers of Noida and Greater Noida who are waiting for registration of their title deeds."
He added that hopefully the Supreme court will take a decision on this issue at the earliest and ensure that no extra burden is carried forward by the builders on to home buyers.
The builders who have best known to them, for reasons including defaulted on payment of land dues to the authorities.
The counsel standing for the builders had objected the submissions that made by the Noida and Greater Noida counsel.
The counsel said that asking for the recall of the Supreme court order is not correct and the authorities waited for the judge, who passed the order in the matter, to retire and then filed this application.
In June, 2020 order amidst the Covid-19 pandemic, the Supreme court had quoted the current state of real estate, the projects at a standstill, and the need to give momentum to such housing projects, mainly considering the dilemma of home buyers and as pointed out by Noida and Greater Noida Authorities that 114 plots were allotted from 2005 onwards, but most of projects are incomplete.
The order was passed on a plea of Ace Group of Companies who were claiming that several projects are obstructed due to excessive lease rent, penalty and interest charged and levied, and other additional charges .