Noida Authority Plans To Appeal High Court Order On Lease Rent Waivers Granted Under Zero Period
The Noida Authority is preparing to challenge an Allahabad High Court ruling that quashed the state’s decision to withdraw lease rent waivers previously granted to several developers under the “zero period” policy. This policy offers relief for project delays outside a developer’s control. The Authority’s board, during its June 14 meeting, resolved to contest the April 23 judgment in the case filed by Greatvalue Projects India. The board emphasized that such lease rent waivers directly conflict with its established policy, which strictly prohibits any rent exemptions.
The board has stated that maintaining policy uniformity and protecting the Authority’s financial health are the primary reasons for pursuing an appeal or revision in a higher court. Officials have expressed concern that upholding the High Court’s decision could set a precedent that undermines revenue stability. The dispute began when the state’s revisional authority, between July and September 2023, granted lease rent waivers to developers including Greatvalue Projects, Pan Realtors, and Express Builders and Promoters. These waivers were part of a broader government initiative aimed at reviving stalled real estate projects, outlined in a December 2023 order.
However, in a turn of events, the same authority reversed its stance on January 9, 2024, arguing that the waivers violated the Noida Authority’s standing policy. This withdrawal was challenged by Greatvalue Projects in court, leading to the April ruling that favored the developers.
The Noida Authority is now moving to appeal this outcome in a higher court to reinforce its policy framework and prevent further erosion of its financial base.
