noida the real estate industry in noida has received significant financial relief from the government days after developers association naredco promised jobs at construction sites for 25 lakh migrant workers the relief is threepronged led by lower interest rates on payment for land dues a moratorium scheme till september 30 waiver of compound interest that is charged in case of payment defaults as well as conditional waiver of simple interest the proposals were part of recommendations made by the noida greater noida and yamuna expressway industrial development authorities that the government accepted nearly 400 noidabased developers will benefit from the relief officials said uttar pradesh is the first state in the country to offer relief to developers in order to help them tide over the economic crisis caused by the covid19 induced lockdown credai the other major developers association said it would write to chief ministers of other states to extend similar relief effective june 9 interest levied by the three authorities on land instalment payment will be linked to state bank of indias threeyear marginal cost of fundsbased lending rate mclr the three authorities will charge an additional 1 over the benchmark mclr and round it off to the nearest 5 the threeyear sbi mclr on june 9 stood at 755 on the basis of this the authorities can charge 9 755 1 855 rounded off to 9 so far the annual interest rate on regular payments being charged by noida and greater noida was 11 which increased to 14 in case of default the amount was compounded biannually for the yamuna expressway authority the rates were 105 and 135 principal secretary infrastructure and industrial development alok kumar said for the period between march 22 and september 30 compound interest would not be applicable either under any payment head but in case a developer is unable to pay up the amount along with simple interest within this period compound interest would be applicable for the entire period relief for the moratorium period is graded