Relief For Real Estate: Noida Authority Slashes Interest Rates on Dues to Boost Pending Projects

New Delhi: In a huge relief for real estate and housing business in Gautam Buddha Nagar district of Uttar Pradesh, the Noida Authority, Greater Noida Authority, as well as Yamuna Expressway Authority cut down the interest rates on the outstanding dues of developers in order to boost construction of pending projects. Also Read – Uttar Pradesh News: UP Govt Decides to Open Malls From Today, But Here’s a Catch

In Noida, one of the satellite cities of Delhi, developers have been struggling for opportunities as the lockdown due to coronavirus pandemic suddenly halted businesses. Also Read – Coronavirus in Noida: 27 Fresh Cases Reported in a Day, Total Active Cases Now 209; 4-Year-Old Recovers

Property prices have been forced to lower the mark due to the trickling demand, although it profited savvy buyers and tenants who saw the limping market as an opportunity to crack a deal. Also Read – Earthquake of Magnitude 3.2 Strikes South-East of Noida, Tremors Felt Across Delhi-NCR

Notably, 38 more COVID-19 cases were reported in Gautam Buddha Nagar on Tuesday evening, taking the total number of confirmed cases to 691, including 258 active cases, 423 cured and 10 deaths.