new delhi as the noida and greater noida authorities pleaded with the supreme court to recall its order to cap interest rate for delayed payments by builders at around 8 as they would otherwise lose around rs 7500 crore the supreme court said a balance has to be maintained between competing interests of builders and authoritiesthe court sought response on whether the authorities had provided a helping hand when the real estate sector was passing through its worst phase a few years ago the apex court was examining a joint plea filed by noida and greater noida authorities to recall its order passed in june last year capping interest rate around 8 instead of 1523the court had passed the order keeping in view the need to give impetus to the real estate sector and taking into account the financial conditions of many companies which were struggling to survive due to the economic slowdown and the covid19 pandemicappearing before a bench of justices u u lalit and ajay rastogi advocate ravindra kumar contended the authorities would be ruined financially as they will end up losing around rs 7500 crore if the order is not recalled and this will lead to unjust enrichment of builders he said that last years order was passed during the amrapali case without examining all issues he said the court is examining ways to protect the interest of amrapali homebuyers and other builders were party in the case but the order passed was general in nature applicable to all developersresponding to a query on financial implications kumar told the bench that greater noida would lose around rs 4279 and noida authority would have to forgo rs 3266 crore in the impact of the order he said builders themselves demand interest rate around 20 compounded monthly from homebuyers for delay in paymentkumar also said that after the scs order not only builders of housing societies but those who were allotted land for commercial and institutional purposes were also demanding cut in the interest ratethe bench however asked the authorities on what steps were taken to help the builders the bench said it was not concerned about any company but about the sector let us go back three years back when the real estate sector was badly affected my question is did authorities come forward to take case of them with some policy decision in those time as a gesture of support the real estate sector justice rastogi asked kumarit also said that builders also faced difficulty with the aggrieved homebuyers seeking refund and the order is invariable passed against builder in case of delay in completion of project a balance has to be maintained the bench said and asked authorities to respond on the next date of hearing on steps taken by them when the real estate sector was badly hitthe court however had made it clear that if the builders failed to clear the dues within reasonable time the concession granted will be withdrawn