BUSINESS
Test blast at Supertech Twin Towers conducted
The test blast was carried out to determine the exact quantity of explosives needed on May 22 to bring down the two 40-storeyed buildings in Noida, declared illegal by the Supreme Court.
BUSINESS
Noida Twin Towers test blast on April 10: You will only hear a cracker sound like on Diwali day
The purpose of the test explosion is to optimise the quantity of explosives to be used for the actual demolition on May 22. An estimated 2,500 kg to 4,000 kg of explosives may be required.
BUSINESS
RBI's decision to keep interest rate unchanged positive for real estate sector
However, a hike in the reverse report rate to reduce liquidity in the system hints at a change in the policy rate and stance going forward, said experts.
BUSINESS
Why homebuyers must register property after getting possession letter
A guide on what homebuyers must do when the developer of their projects is taken to insolvency court and the variables involved for those with and without ownership deeds
BUSINESS
ATS group company goes into insolvency
Anand Divine Developers Pvt Ltd, which is building ATS Triumph project in Gurgaon, allegedly failed to pay dues amounting to over Rs 25 crore
BUSINESS
Noida twin towers: All about the demolition and clearing of the debris
Before the actual demolition scheduled for May 22, a test blast will be carried out to determine the exact quantity of explosives needed to bring down the two 40-storeyed buildings that were declared illegal by the Supreme Court
BUSINESS
Noida Authority allots Rs 500 crore for land acquisition, Rs 1,530 crore for development and construction for FY23
It also approved the formation of a high-level committee of officials for structural audit of high rises; and decided to grant mortgage permission to reschedule payment of dues for next two years to developers who qualify for the SBICAP-backed SWAMIH fund
BUSINESS
SC directs Noida Authority to look into the issue of modifying lease deeds in favour of court receiver
In compliance with the order dated March 28, 2022, the banks had disbursed a sum of Rs. 150 crore on March 31, 2022, though the actual requirement/request by NBCC was for Rs. 540 crore
BUSINESS
Supreme Court assures homebuyers of Supertech's Twin Towers that their interests will be protected
The top court issued notice to IRP and directed that all the claims of homebuyers who file their claims till April 15 be collated along with the interest due, and the report to be filed in court by April 30.
BUSINESS
What should Supertech homebuyers who have filed cases with RERA do?
Given the moratorium imposed by the National Company Law Tribunal, homebuyers will not be able to institute a suit or launch proceedings against Supertech before the courts, consumer courts, RERA or any other tribunal. The moratorium will be in operation until the completion of the resolution process.
BUSINESS
Maharashtra's hike in ready reckoner rates to hit affordable-housing projects
Homebuyers in these locations may have to pay higher taxes, which would impact sales of houses, experts have said
BUSINESS
Ready reckoner rates hiked in Maharashtra by an average of 8.80%
In Thane, the rates have been increased by 9.48%, Navi Mumbai by 8.90%, Ulas Nagar by 9.81%, Vasai-Virar by 9%, Panvel by 9.24% , Pune by 6.12%, and Pimpri Chinchwad by 12.36%
BUSINESS
Amrapali case: Consortium of banks release first instalment of Rs 150 crore for completion of stalled projects
On March 29, an agreement has been signed between Amrapali Stalled Projects and Investment Reconstruction Establishment and the consortium of seven public sector banks for the disbursal of a Rs 1,500-crore loan for stalled projects.
BUSINESS
We've become homeless despite proof of possession: NBCC Greenview homebuyers
"We want them to return the money invested along with 15% interest, registration charges paid, interior costs, and Rs 25 lakh as compensation for the mental agony caused to us and our families," the homebuyers say.
BUSINESS
Homebuyers get respite as Delhi HC extends interim order restraining coercive action on EMIs
In the order dated February 28, the High Court has extended the interim orders and also said that the order will be applicable to Asset Reconstruction Companies.
BUSINESS
Structural safety of real estate projects, changes in RERA provisions to figure in upcoming CAC meeting
The meeting will also deliberate on the issue of constituting a committee for the resolution of legacy stalled projects
BUSINESS
Supertech Insolvency Case: Homebuyers and financial creditors should file claims by April 8
Homebuyers invested in Supertech projects should file their claims with the resolution professional by the due date and make sure they submit all related documents such as builder-buyer agreement and statement of accounts so as to ascertain their claim on the company and to be a part of the Committee of Creditors
BUSINESS
SC directs seven banks to release Rs 1,500 crore by March 29 to finish Amrapali projects
The top court also retained a direction in its earlier order dated August 13, 2021, on the plea of the Reserve Bank of India regarding a blanket ban on declaration of non-performing asset (NPA) accounts.
BUSINESS
Around 86,942 complaints disposed of by Real Estate Regulatory Authorities across India
A total of 34,419 cases have been disposed of in Uttar Pradesh, followed by 18,383 cases in Haryana and 11,621 cases in Maharashtra.
BUSINESS
Housing prices may rise 10-15% by April, rising construction costs hurting business: CREDAI-MCHI
CREDAI-MCHI seeks a reduction in stamp duty as well as GST and also wants teh export of cement and steel to be halted
BUSINESS
Flipkart CEO Kalyan Krishnamurthy's wife buys Rs 8-crore villa in Bengaluru
Soumya Narayanan bought the property in Adarsh Palm Retreat Villas project, a gated community of 800 red-roofed “Victorian villas” spread over 110 acres
BUSINESS
Supertech not the only developer against whom insolvency proceedings have been initiated by NCLT
According to an analysis by ICRA, only 457 cases have been closed through the approval of a resolution plan against 1,514 cases admitted for liquidation. In the real estate category, 244 have been admitted and 116 closed.
BUSINESS
Supertech goes into insolvency, leaves 25,000 homebuyers' fate in limbo
Homebuyers should not panic but immediately file their claim with IRP as required under the law, says PSP Legal, which had filed several petitions against Supertech
BUSINESS
12 real estate projects in Uttar Pradesh being completed under Section 8 of RERA provisions
In case of non-payment of instalments by allottees of such projects, the promoter has the right to receive interest and cancel the allotment, UPRERA said
