India, Nov. 27 -- The Uttar Pradesh government's industrial development department has scrapped the Noida authority's demand notice issued against the realty firm- Omaxe Buildhome. It also directed the authority to recalculate the dues amount after offering the developer a "zero period" (waivers on interest) benefits for several towers of its projects in sector 93 B.

UP additional chief secretary Alok Kumar has directed the authority to rework Omaxe's dues within four weeks after allowing zero period from March 2018 to May 2025 for towers 23 to 27, which include all three Forest Spa towers and two additional towers planned on the adjoining plot, said the order.

When asked about the repercussions of the order, Noida authority CEO Lokesh ...