Only a handful of developers have the ability to complete a residential project and then launch it without relying on customer advances
On August 8, 2017, IDBI Bank petitioned the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against Jaypee Infratech for defaulting on loans worth Rs 526 crore.
Jaypee insisted that its appeal, whether its proposal can also be considered, should be heard first. The next date of hearing is scheduled for October 22.
All real estate projects will continue to be under the purview of UPRERA for five years even after a CC and OC have been issued
Offers range from waivers on GST and stamp duty to the usual discounts on basic selling price, free coins, modular kitchens, electronic appliances to even free cars and virtual cash
Questions UPRERA if it has safeguards in place to protect homebuyers against widespread complains of missing facilities and amenities, incomplete common areas and internal and external developments.
It is, however, imperative for banks to facilitate a faster transmission of these rate cuts to ensure that the measures reap results for the real estate sector, said experts.
In the new proposal that NBCC plans to submit before the Supreme Court next week, it may also propose completing all unfinished 16 projects within four years.
Directs Kerala govt to disburse Rs 25 lakh to owners as interim compensation; remaining amount to be decided by the committee set up to evaluate the total amount payable to residents as damages.
Interestingly, until late 90s, many Indians preferred to buy homes using their savings rather than opting for home loans.
The initiative by a Bengaluru-based real estate developer is open to buyers booking properties between September 27 to 29.
Out of these, approximately 92,350 units have been delayed in MMR and could get a new lease of life.
Experts feel the fund seeks to address key issues of project funding, completion and delivery but adequacy of the fund, as well as the establishment of funding sources are issues that may pose challenges in its implementation
Buyers also want these officials be brought under the ambit of the Central Vigilance Commission (CVC) and all orders to be subjected to an audit by the Comptroller Auditor General of India (CAG) to keep check on the adherence to RERA provisions
For delayed and stalled projects this will be a major problem, given that most of such projects are under NCLT and NPA, and will not get the benefit of this stress fund
The court receiver has also been directed to finalise the tripartite agreements and verify documents of homebuyers.
About a dozen banks have already aligned their lending rates with the repo rate of RBI.
Around 6,000 complaints were registered against 20 real estate firms in Uttar Pradesh of which Ansal Properties had the highest number of complaints (1269), followed by Supertech with 817 complaints.
Supreme Court grants the embattled firm three weeks to file its resolution plan in a sealed envelope
The Centre has said it will waive taxes, running into crores, due to Jaypee Infratech, if NBCC takes over projects
As many as 16,100 new units have been launched in the luxury segment priced above Rs 1.5 crore across the top 7 cities
Debt Recovery Tribunal puts out advertisements for auction of 20 Amrapali properties for the fourth time.
Any allocation of preferential rights to homebuyers puts the rights of banks in peril
"Once that happens, the rest of the system can be dealt with," said Puri.
FM had said on August 23 that the government was close to coming up with a solution aimed at resolving problems being faced by homebuyers in NCR and Mumbai.