The move will help the delivery of over 150,000 homes.
Both the authorities have approved the proposal in the board meeting on Wednesday.
“Balance payment of the builder will be rescheduled as per the policy and the builder will have to pay 20% of the amount within a month. As per the Supreme Court order, the interest rate will be revised every six months,” the Greater Noida authority said.
Real estate developers had urged the Noida and Greater Noida authority to take care of homebuyers’ interests in the wake of the recent Supreme Court ruling.
The SC order had removed the cap of 8 per cent in case of delay in depositing land price by builders to the authorities and kept it in the range of 15-23 percent compound interest. The developers felt the order could delay the registry of 1.5 lakh homes.
The scheme will be applicable between January 1 and March 31 and the builders who have already applied for occupancy and completion certificate will be eligible.
The payment plan can not be extended for more than two months.