Noida: Following the directions from the state government, all three authorities in Noida, Greater Noida and Yamuna Expressway have reduced interest rates on land dues in light of the pandemic. Officials believe that the move is expected to benefit nearly 2 lakh allottees of these authorities. According to senior officials, the interest waiver is for all types of land dues except land allotted for group housing projects. Earlier, the interest rates were at 12 per cent and have now been reduced to 8.50 per cent. "While banks like State Bank of India (SBI) impose interest of 7.30 per cent on loans for a duration three years, the authority which also bears administration expenses of 1 per cent, has decided to reduce the rates to 8.50 per cent. Also in order to promote the timely payment of installments, the authority has decided to reduce the interest rate on default money as well," said an official statement from the three authorities. The interest waiver will be applicable from July 1 to December 31 and will be revised after that to be fixed as per the MCLR of SBI. Meanwhile, Developers and real estate have welcomed the move saying it will make projects financially more viable and significantly benefit home buyers here.

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